Financial Crime World

Financial Crime Data Analysis Tools in New Zealand: A Key Player in Combating Money Laundering and Terrorism Financing

In a bid to combat financial crimes, including money laundering and terrorism financing, the Financial Crime Group (FCG) plays a crucial role in New Zealand. The FCG is comprised of three key units: the Financial Intelligence Unit (FIU), the Asset Recovery Units (ARUs), and the Money Laundering Team (MLT).

Receiving, Analyzing, and Disseminating Financial Intelligence

At its core, the FCG receives, analyzes, and disseminates financial intelligence to assist law enforcement agencies in investigating money laundering syndicates and professional money launderers. The FIU is responsible for collecting, analyzing, and disseminating financial information under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009.

Financial Intelligence Unit (FIU)

  • Generates intelligence products, including proactive and targeted financial offender profiles, to support law enforcement agencies in detecting and investigating money laundering, terrorism financing, and other serious offenses.
  • Provides advice on policy and legal matters, produces the National Risk Assessment (NRA), and conducts outreach and training programs.

Asset Recovery Units (ARUs)

  • Established in 2009, the ARUs focus on disrupting, deterring, and derailing crime by denying criminals the opportunity to enjoy the benefits of their illegal activities.
  • Cases are investigated using complex forensic accountancy and financial analysis processes, often involving collaboration with other agencies such as Customs, the Serious Fraud Office (SFO), and Inland Revenue.

Money Laundering Team (MLT)

  • Established in 2017 to bridge the investigative gap between financial intelligence, financial investigations, and organized crime investigations.
  • Investigates criminal offenders moving the proceeds of predicate offending and focuses on disrupting and dismantling facilitators assisting organized criminal groups to hide illicit funds.

Financial Crime Prevention Network (FCPN)

New Zealand’s Public Private Partnership, chaired by the Financial Crime Group, includes members from major banks and financial institutions. The FCPN has commenced a work plan to produce joint strategic typology products covering topics such as:

  • Child exploitation
  • Trade-based money laundering
  • Virtual asset service providers
  • Trust and company service providers

Conclusion

These financial crime data analysis tools are critical in combating money laundering and terrorism financing in New Zealand. By analyzing financial intelligence and working with other agencies, the FCG is able to disrupt criminal networks and bring offenders to justice.