Financial Crime Takes a Toll on Individuals in New Zealand
New Zealand has launched a network to prevent and disrupt financial crimes such as money laundering and terrorism financing. The New Zealand Financial Crime Prevention Network (NZ-FCPN) brings together major banks and law enforcement agencies to combat these threats.
A Collaborative Effort to Combat Financial Crimes
The NZ-FCPN was established after feedback from various third parties, including the Commerce Commission, Office of the Privacy Commissioner, Financial Markets Authority, Department of Internal Affairs, and Reserve Bank of New Zealand. An independent legal review of the Memorandum of Understanding was also conducted prior to its launch.
Key Partners in the Network
- The five major banks: ANZ, ASB, BNZ, Kiwibank, and Westpac
- The New Zealand Police Financial Intelligence Unit
A Stronger Position Against Financial Crimes
Detective Superintendent Iain Chapman says that as technology becomes more sophisticated, so do criminals in their attempts to conduct financial crimes. “New Zealand is not immune to the threat of organised financial crime,” he said.
The Global Trend: Collaboration and Coordination
The trend globally is for private sector and law enforcement agencies to collaborate in combating financial crime and terrorism financing. Establishing NZ-FCPN puts New Zealand in a stronger position, says Detective Superintendent Chapman.
The Benefits of Collaboration
- A more complete picture of criminal activity
- Better strategic development to keep New Zealand safe and secure
- Enhanced resilience to money laundering, terrorist financing, and associated offending
Evaluating the Impact
The pilot will be evaluated after one year, with outcomes reviewed and impact assessed on serious financial crime in New Zealand.
A Significant Step Towards Tackling Financial Crimes
The NZ-FCPN aims to enhance resilience to money laundering, terrorist financing, and associated offending in the wider financial sector. Its establishment is a significant step towards tackling the devastating social harm caused by financial crime, not only for victims but also for the broader economy.