New Collaboration Aims to Combat Financial Crime in New Zealand
A major collaboration between New Zealand’s top banks and law enforcement has been launched to combat money laundering, terrorism financing, and other serious financial crimes.
About the NZ-FCPN
The New Zealand Financial Crime Prevention Network (NZ-FCPN) brings together ANZ, ASB, BNZ, Kiwibank, Westpac, and the Police Financial Intelligence Unit. This collaborative effort aims to enhance their collective efforts to prevent and disrupt financial crime within the current laws.
Why is Collaboration Important?
As technology advances, so do the sophisticated methods used by criminals to commit financial crimes. Detective Superintendent Iain Chapman warns that “New Zealand is not immune to these threats.” By working together, they can improve their ability to detect and prevent financial crime.
Key Focus Areas of the Pilot Network
- Strategic Research Projects: The pilot network will focus on strategic research projects to better understand and combat financial crime.
- Education: Education for both law enforcement and financial services sectors will be a key aspect of the pilot network.
- Enhanced Intelligence: The initiative aims to provide a more complete picture of criminal activity, leading to better strategic development.
Independent Review and Feedback
The NZ-FCPN was established following feedback from various third parties, including:
- Commerce Commission
- Office of the Privacy Commissioner
- Financial Markets Authority
- Department of Internal Affairs
- Reserve Bank of New Zealand
An independent legal review was also conducted prior to its launch.
Success and Future Plans
The success of the pilot will be reviewed after one year, with a focus on its impact on serious financial crime in New Zealand. The NZ-FCPN is welcomed as a significant step forward in the global trend of private sector and law enforcement collaboration to combat financial crime and terrorism financing.