Financial Crime World

Financial Crime Investigation Process in New Zealand Under Scrutiny

The Financial Intelligence Unit (FIU) in New Zealand is responsible for detecting and investigating financial crimes, including money laundering and terrorism financing. As part of its mandate to assist with the detection and investigation of these offenses, the FIU collects, analyzes, and disseminates financial intelligence received under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009.

How the FIU Receives Information

The FIU receives information from reporting entities in various forms:

  • Suspicious Activity Reports (SARs): These reports detail specific circumstances and reasons for suspicion, providing a synopsis of why the activity is considered suspicious.
  • Prescribed Transaction Reports (PTRs): These reports outline the details of transactions that may be related to money laundering or terrorism financing.
  • Border Cash Reports (BCRs): These reports provide information on cash transactions made at borders.

The FIU’s Role in Financial Crime Investigation

The FIU’s main objective is to assist law enforcement agencies in investigating and prosecuting financial crimes. To achieve this, the FIU:

  • Develops intelligence products regarding criminal threats to the financial system
  • Provides timely and accurate financial intelligence to Police Districts and other law enforcement agencies for further investigation

Guidance Material and International Cooperation

The FIU has a responsibility under the AML/CFT Act to produce guidance material for reporting entities, outlining their suspicious and prescribed transaction/activity reporting obligations, as well as methods and techniques used in money laundering and financing of terrorism.

In addition, the FIU receives information from external parties and reporting entities, which it analyzes and disseminates to:

  • Other investigative and intelligence units within the New Zealand Police
  • Other government agencies
  • Sector supervisors
  • Domestic partner agencies
  • Relevant international agencies

Submitting Reports through GoAML Web Application

The GoAML Web application is used for submitting reports to the FIU. This online platform enables reporting entities to submit:

  • Suspicious Activity Reports (SARs)
  • Prescribed Transaction Reports (PTRs)
  • Border Cash Reports (BCRs)

in a secure and efficient manner.

The Importance of the Financial Intelligence Unit

The Financial Intelligence Unit’s role is crucial in helping the New Zealand government fulfill its obligations to the inter-governmental Financial Action Task Force (FATF), the government’s organised crime strategy, and the prevention and detection of acquisitive crime. By providing timely and accurate financial intelligence, the FIU plays a vital role in combating financial crimes and protecting the integrity of the financial system in New Zealand.