Financial Crimes Take a Heavy Toll on New Zealand Individuals
The Financial Crime Prevention Network (FCPN) has been established as a Public Private Partnership (PPP) to share critical information and combat the rising threat of financial crimes in New Zealand. The network aims to prevent organised crime from flourishing in the country, protect its economy, and safeguard its people.
Internationally Recognised Best Practices
Internationally, experts agree that effective partnerships between the financial sector and law enforcement are essential in combating money laundering. The UK’s Joint Money Laundering Taskforce (JMLIT) and Australia’s Fintel Alliance have been successful examples of such collaborations.
New Zealand’s Response to Financial Crimes
New Zealand is not immune to the impact of sophisticated money laundering networks and trans-national organised crime, which pose a significant risk to its international reputation and financial system. The FCPN has been established to enhance the country’s response to these threats by fostering information sharing between its members, including the New Zealand Police, Customs, and major banks.
Operations Board Meetings
The network’s Operations Board meets monthly to discuss current financial crime trends and develop intelligence that draws upon the collective knowledge of its members. Joint strategic products are also produced to inform guidance for FCPN members and broader Reporting Entities (REs).
FCPN Vision
FCPN directly contributes to the New Zealand Police vision of being the safest country in the world and aims to be a world leader in combating financial crime. The foundation members of the FCPN share a strategic vision and direction, committed to building an effective network of dedicated intelligence resources to combat financial crime and money laundering.
Key Areas of Focus
- Transnational Organised Crime: Identifying and disrupting networks that facilitate financial crimes across international borders.
- Money Laundering: Combating the use of complex schemes to conceal illicit funds and protect New Zealand’s financial system.
Conclusion
The establishment of the FCPN marks a significant step in New Zealand’s efforts to combat financial crime and safeguard its people. By fostering collaboration between the public and private sectors, the network aims to create a safer and more secure environment for individuals and businesses alike.