Financial Crime World

Financial Crime Investigation Methods Get Boost with New Pilot Network in New Zealand

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A groundbreaking pilot project aimed at combating financial crime and terrorism financing has been launched in New Zealand. The New Zealand Financial Crime Prevention Network (NZ-FCPN) is a year-long initiative that brings together the country’s major banks and law enforcement agencies to share intelligence and expertise.

Background

The NZ-FCPN was established after receiving feedback and advice from various stakeholders, including the Commerce Commission, Office of the Privacy Commissioner, Financial Markets Authority, Department of Internal Affairs, and Reserve Bank of New Zealand. An independent legal review was also conducted prior to its launch.

Goals

The pilot project aims to improve the ability to detect, prevent, and disrupt financial crime within current laws by bringing together experts from the private sector and law enforcement agencies. The trend globally is for the private sector and law enforcement agencies to collaborate to combat financial crime and terrorism financing.

  • Enhance the resilience of the financial sector to money laundering, terrorist financing, and associated offending
  • Provide a more complete picture of criminal activity, leading to better strategic development
  • Help keep New Zealand safe and secure

Benefits

Detective Superintendent Iain Chapman, who leads the Financial Intelligence Unit (FIU), warned that as technology becomes more sophisticated, so do criminals and their attempts to conduct financial crimes. He emphasized that establishing the pilot puts New Zealand in a stronger position, making it a less desirable place for criminals to commit financial crimes.

  • Reduce the cost of social harm caused by financial crime
  • Make it harder for criminals to exploit banking customers and pose risks to New Zealand’s valued e-commerce and trading reputation

Collaboration

The network will work together on strategic research projects and education initiatives for law enforcement and financial services sector members. The pilot project aims to improve the ability to detect, prevent, and disrupt financial crime within current laws by bringing together experts from the private sector and law enforcement agencies.

  • Collaborate with major banks (ANZ, ASB, BNZ, Kiwibank, Westpac) and the Financial Intelligence Unit (FIU)
  • Conduct strategic research projects
  • Develop education initiatives for law enforcement and financial services sector members

Evaluation

After one year, the pilot will be evaluated, with successful outcomes reviewed alongside the impact on serious financial crime in New Zealand. The evaluation will assess the effectiveness of the network in improving the ability to detect, prevent, and disrupt financial crime.

By bringing together experts from the private sector and law enforcement agencies, the NZ-FCPN aims to make it harder for criminals to commit financial crimes and keep New Zealand safe and secure.