Financial Crime World

Financial Crime Enforcement Agencies Join Forces to Combat Money Laundering and Terrorist Financing

In a bid to prevent financial crime, protect the economy, and safeguard the nation’s people, the Financial Crime Prevention Network (FCPN) has been established as a Public Private Partnership (PPP) between key stakeholders.

The FCPN: A Public Private Partnership

The FCPN is led by the New Zealand Financial Intelligence Unit (NZ FIU) and comprises members from the financial sector, including:

  • Major banks: ANZ, ASB, BNZ, Kiwibank, and Westpac
  • Law enforcement agencies: New Zealand Police and Customs

This partnership seeks to break down barriers between the public and private sectors, facilitating information sharing, informed decision-making, and swift action to protect New Zealand’s financial system.

FCPN Operations Board

The FCPN Operations Board meets monthly to discuss current financial crime trends, share operational priorities, and develop intelligence that draws upon the collective knowledge of its members. The forum also produces joint strategic products to guide the network’s activities and inform guidance for both member institutions and broader reporting entities.

Contributions to New Zealand Police’s Vision

The FCPN has already made significant contributions to the New Zealand Police’s vision of being the safest country, with the NZ FIU striving to become a world leader in financial intelligence. Foundation members of the FCPN share a strategic vision and direction, committed to building an effective network of dedicated intelligence resources to combat financial crime and money laundering.

First Major Report: Threat Assessment on Transnational Organised Crime

In its first major report, the FCPN has released a Threat Assessment on Transnational Organised Crime, highlighting the growing threat posed by sophisticated money laundering networks and transnational criminal organisations. The assessment serves as a wake-up call for New Zealand’s financial sector, warning that the country is not immune to the global menace of financial crime.

Impact and Future Outlook

The establishment of the FCPN sends a strong message that New Zealand is committed to combatting financial crime and protecting its international reputation. As the network continues to evolve and grow, it will be instrumental in preventing organised crime from flourishing in New Zealand and combating terrorist financing.