Financial Crime World

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Latest Fines for Financial Crime in New Zealand

The Financial Crime Group has issued a range of fines and penalties to individuals and organisations involved in financial crime, with many cases highlighting the importance of compliance with Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT) regulations.

Key Developments

  • The Financial Intelligence Unit (FIU), Asset Recovery Units (ARUs), and Money Laundering Team (MLT) have all played a role in detecting and investigating financial crime.
  • Several individuals and organisations have been fined for various financial crimes, including money laundering, terrorism financing, and other serious offences.

Role of the Financial Intelligence Unit

The FIU has generated a range of intelligence products, including:

  • Proactive and targeted financial offender profiles
  • Advice on policy and legal matters
  • The National Risk Assessment (NRA)
  • Outreach and training to New Zealand Police workgroups, partner agencies, and AML/CFT reporting entities

Disrupting Financial Crime

The ARUs have been working to disrupt, deter, and derail crime by:

  • Denying criminals the opportunity to enjoy the benefits of offending
  • Disrupting the reinvestment of proceeds in further criminal activity
  • Using complex forensic accountancy and financial analysis processes

Focus on Organised Criminal Groups

The MLT has also been active in investigating criminal offenders moving the proceeds of predicate offending, with a focus on:

  • Disrupting and dismantling facilitators assisting organised criminal groups to hide illicit funds

Joint Strategic Typology Products

The Financial Crime Prevention Network (FCPN), a public-private partnership chaired by the Financial Crime Group, has commenced work on producing four joint strategic typology products covering topics such as:

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

Key Terms and Definitions

Here are some of the key terms and definitions used in these cases:

  • Financial Crime Group (FCG): A group responsible for investigating financial crime.
  • Financial Intelligence Unit (FIU): A unit that generates intelligence products to assist in detecting and investigating financial crime.
  • Asset Recovery Unit (ARU): A unit that works to disrupt, deter, and derail crime by denying criminals the opportunity to enjoy the benefits of offending.
  • Money Laundering Team (MLT): A team that investigates criminal offenders moving the proceeds of predicate offending.
  • Financial Crime Prevention Network (FCPN): A public-private partnership chaired by the Financial Crime Group that produces joint strategic typology products.
  • Reporting Entities (RE’s): Entities required to report suspicious transactions to the FIU.
  • Financial Action Task Force (FATF): An intergovernmental organisation that develops policies to combat money laundering and terrorist financing.
  • Reserve Bank of New Zealand (RBNZ): The central bank of New Zealand, responsible for regulating the financial system.
  • Financial Markets Authority (FMA): A regulator responsible for protecting investors and maintaining fair markets.
  • Department of Internal Affairs (DIA): A government department that provides advice on policy and legal matters related to financial crime.
  • National Risk Assessment (NRA): A document that assesses the risks of money laundering and terrorist financing in New Zealand.
  • Criminal Proceeds (Recovery) Act (CPRA): An act that allows for the recovery of criminal proceeds.
  • Anti-Money Laundering/Countering Financing of Terrorism Act 2009 (AML/CFT): An act that requires entities to report suspicious transactions and comply with AML/CFT regulations.

Conclusion

The latest fines and penalties issued by the Financial Crime Group highlight the importance of compliance with AML and CFT regulations, as well as the ongoing efforts to disrupt and deter financial crime in New Zealand.