Financial Crime World

Financial Crime Takes a Toll on Individuals in New Zealand

The financial crime group in New Zealand is working tirelessly to combat money laundering, terrorism financing, and other serious offences. However, the impact of these crimes on individuals can be devastating.

Combating Financial Crime in New Zealand

The Role of the Financial Intelligence Unit (FIU)

According to a recent report, the FIU has been collecting, analyzing, and disseminating financial information received under the Anti Money Laundering and Countering Financing of Terrorism Act 2009. This includes:

  • Generating intelligence products
  • Providing advice on policy and legal matters
  • Producing the National Risk Assessment (NRA)
  • Conducting outreach and training to various stakeholders

Asset Recovery Units (ARUs)

The ARUs were established in December 2009 to implement the Criminal Proceeds (Recovery) Act 2009. The ARUs investigate cases using complex forensic accountancy and financial analysis processes, which are undertaken as part of an all-of-government approach that includes other agencies such as Customs, the Serious Fraud Office (SFO), and Inland Revenue.

Money Laundering Team (MLT)

The MLT was established in 2017 to bridge the investigative gap between financial intelligence, financial investigations, and organized crime investigations. The MLT investigates criminal offenders moving the proceeds of predicate offending, with a focus on disrupting and dismantling facilitators assisting organized criminal groups to hide illicit funds.

Financial Crime Prevention Network (FCPN)

The FCPN, New Zealand’s Public Private Partnership, is chaired by the Financial Crime Group and includes members from various financial institutions and government agencies. The FCPN has commenced producing joint strategic typology products to combat specific types of financial crime.

The Impact of Financial Crime on Individuals

Despite these efforts, the impact of financial crime on individuals in New Zealand remains significant. According to a recent study, many victims of financial crime suffer from:

  • Emotional distress
  • Anxiety
  • Depression

In addition, they often face financial difficulties, including debt and bankruptcy.

Protecting Yourself from Financial Crime

To address this issue, it is essential for individuals to be aware of their rights and responsibilities when dealing with financial institutions and authorities. They should also be educated on how to:

  • Identify suspicious activity
  • Report suspicious activity
  • Maintain good financial hygiene practices

Conclusion

While the Financial Crime Group in New Zealand is working hard to combat financial crime, the impact of these crimes on individuals remains significant. It is essential for individuals to be aware of their rights and responsibilities and to take steps to protect themselves from financial crime.