Financial Crime World

Types of Financial Crimes in New Zealand Pose Significant Threats to Economy and People

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New Zealand is not immune to the impact of sophisticated money laundering networks and transnational organized crime, which poses a significant threat to the country’s international reputation and financial system. To combat these threats, a Public Private Partnership (PPP) called the Financial Crime Prevention Network (FCPN) has been established.

The Importance of Partnerships

Internationally, it is recognized that effective partnerships between the financial sector and law enforcement are crucial for combating money laundering. The FCPN plays a critical role in enhancing the response to these threats by fostering information sharing between its members, including:

  • New Zealand Police
  • New Zealand Customs
  • ANZ
  • ASB
  • BNZ
  • Kiwibank
  • Westpac

Operations and Threat Assessments

The network’s Operations Board meets monthly to discuss current financial crime trends and share operational priorities. This forum is used to develop intelligence that draws upon the knowledge base of all its members, as well as joint strategic products to inform guidance for both FCPN members and reporting entities.

FCPN Threat Assessments highlight the dangers posed by transnational organized crime, which is motivated by money and poses a significant risk to New Zealand’s financial system. The network’s foundation members are committed to building and growing an effective network of dedicated intelligence resources to combat financial crime and money laundering.

Goals and Objectives

The FCPN directly contributes to the New Zealand Police’s vision of being the safest country and the Financial Intelligence Unit’s goal of being world-leading. By sharing information and best practices, the network aims to:

  • Prevent financial crimes
  • Protect New Zealand from the threats posed by organized crime and terrorist financing
  • Enhance the response to financial crime trends and share operational priorities
  • Develop intelligence that draws upon the knowledge base of all its members

Conclusion

The FCPN is a critical component in combating financial crimes in New Zealand. By fostering information sharing between its members, the network plays a vital role in preventing financial crimes and protecting the country from the threats posed by organized crime and terrorist financing.