Financial Crime World

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Financial Crime Definition in New Zealand: What You Need to Know

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New Zealand’s Financial Intelligence Unit (FIU), part of the Financial Crime Group, is responsible for detecting and investigating money laundering, terrorism financing, and other serious offenses. But what exactly constitutes financial crime? And how do authorities define it?

What is Financial Crime?

According to the FIU, financial crime refers to illegal activities that generate or involve the use of funds derived from criminal activity. These crimes include:

  • Money laundering
  • Terrorism financing
  • Bribery
  • Corruption

The FIU’s core functions include:

Receiving and Analyzing Financial Intelligence

Undertaking Restraint and Forfeiture of Criminally Acquired Assets

Investigating Money Laundering Syndicates and Professional Facilitators

Asset Recovery Units (ARUs)

Established in 2009, the ARUs are tasked with disrupting, deterring, and derailing crime by denying criminals the opportunity to enjoy the benefits of their illegal activities or reinvest those proceeds in further criminal activity. Cases are investigated using complex forensic accountancy and financial analysis processes, often involving collaboration with other agencies.

Money Laundering Team (MLT)

Established in 2017, the MLT investigates criminal offenders moving the proceeds of predicate offending. The team’s focus is on disrupting and dismantling facilitators assisting organized criminal groups to hide illicit funds.

Forms of Financial Crime in New Zealand

Financial crime can take many forms in New Zealand, including:

  • Money laundering through legal professionals
  • Money remitters
  • Other third parties

Authorities are working to bridge the investigative gap between financial intelligence, financial investigations, and organized crime investigations to combat these crimes.

Financial Crime Prevention Network (FCPN)

The FCPN is a public-private partnership chaired by the Financial Crime Group and includes members from NZ Customs, ANZ, ASB, BNZ, Kiwibank, and Westpac. The network aims to produce joint strategic typology products on various topics, including:

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

Conclusion

In conclusion, financial crime in New Zealand refers to illegal activities that generate or involve the use of funds derived from criminal activity. Authorities are working to detect, investigate, and prevent these crimes through a range of initiatives and partnerships. Understanding what constitutes financial crime is crucial for individuals, businesses, and authorities alike in preventing and combating these offenses.