Financial Crime World

New Zealand’s Financial Crime Enforcement Agencies Take Aim at Criminals

In an effort to combat financial crime, New Zealand’s Financial Crime Group has been working diligently behind the scenes. The group, composed of the Financial Intelligence Unit, Money Laundering Team, and Asset Recovery Units, is dedicated to uncovering and disrupting criminal activities that threaten the country’s financial stability.

The Financial Intelligence Unit

The Financial Intelligence Unit (FIU), based at Police National Headquarters, plays a crucial role in collecting, analyzing, and disseminating financial intelligence to assist law enforcement agencies. The unit generates intelligence products, provides policy advice, and conducts training for police workgroups and partner agencies.

Asset Recovery Units

Established in 2009, the Asset Recovery Units (ARUs) are responsible for investigating and seizing criminal assets. With a focus on organized crime and methamphetamine offending, the units use complex forensic accountancy and financial analysis to track down and recover stolen funds.

Money Laundering Team

The Money Laundering Team (MLT), established in 2017, targets criminals who launder illicit funds through legal professionals and third-party facilitators. The team works closely with government partners to bring charges against those involved in money laundering schemes.

Financial Crime Prevention Network

New Zealand’s Financial Crime Prevention Network (FCPN) is a public-private partnership between the Financial Crime Group and major banks. The network has launched a project to produce joint strategic typology products covering topics such as child exploitation and trade-based money laundering.

International Standards

These efforts are part of New Zealand’s commitment to fighting financial crime and complying with international standards set by the Financial Action Task Force (FATF). With a range of agencies working together, including Customs, the Serious Fraud Office, Inland Revenue, and the Reserve Bank, New Zealand is well-equipped to tackle the complex issue of financial crime.

Key Terms

  • Financial Crime Group (FCG): A group dedicated to uncovering and disrupting criminal activities that threaten the country’s financial stability.
  • Financial Intelligence Unit (FIU): Responsible for collecting, analyzing, and disseminating financial intelligence to assist law enforcement agencies.
  • Asset Recovery Unit (ARU): Investigates and seizes criminal assets using complex forensic accountancy and financial analysis.
  • Money Laundering Team (MLT): Targets criminals who launder illicit funds through legal professionals and third-party facilitators.
  • Financial Crime Prevention Network (FCPN): A public-private partnership between the Financial Crime Group and major banks to prevent financial crime.
  • Reporting Entities (RE’s): Organizations required to report suspicious transactions to the FIU.
  • Financial Action Task Force (FATF): An international organization that sets standards for combating money laundering and terrorist financing.
  • Reserve Bank of New Zealand (RBNZ): Regulates and supervises banks in New Zealand.
  • Financial Markets Authority (FMA): Oversees the financial markets and regulates securities dealers.
  • Department of Internal Affairs (DIA): Responsible for internal affairs, including financial crime prevention.
  • National Risk Assessment (NRA): Identifies and assesses risks related to money laundering and terrorist financing.
  • Criminal Proceeds (Recovery) Act (CPRA): A law that allows the recovery of criminal proceeds.
  • Anti-Money Laundering/Countering Financing of Terrorism Act 2009 (AML/CFT): A law that regulates anti-money laundering and combating the financing of terrorism.

Conclusion

By working together, New Zealand’s financial crime enforcement agencies aim to disrupt and dismantle criminal networks, protect the country’s financial system, and bring criminals to justice.