Financial Crime World

New Zealand’s Serious Fraud Office Leads the Charge Against Financial Crime

The Serious Fraud Office (SFO) is the lead agency responsible for investigating and prosecuting serious financial crimes in New Zealand. As an independent Crown entity, the SFO works tirelessly to prevent corruption in the country’s public sector.

The SFO’s Mandate

Under the Serious Fraud Office Act 1990, the SFO has the authority to conduct investigations and provide guidance on matters related to fraud. The agency’s mandate is narrow, focusing on detecting, investigating, and prosecuting serious or complex fraud cases.

Investigative Process

The SFO’s investigative process is guided by a robust framework outlined in sections 5, 9, and 10 of the SFO Act. Unlike other agencies, the SFO does not fall under the provisions of the Search and Surveillance Act 2012. The operation of the SFO is governed by the SFO Act, which sets out a broad overview of its investigative process.

Criteria for Defining Fraud

While there is no criminal offense specifically defined as fraud in New Zealand, the SFO Act provides criteria for determining whether an offense falls under this definition. These criteria include:

  • The suspected nature and consequences of the fraud
  • The scale of the fraud
  • Legal and factual complexity
  • Public interest considerations

Prosecution Process

The SFO typically prosecutes offenses outlined in the Crimes Act 1961 and the Secret Commissions Act 1910. The decision to prosecute is made by the Director of the Serious Fraud Office, who is guided by:

  • The Solicitor-General Prosecution Guidelines
  • The SFO’s Prosecution Policy

The SFO has a panel of specialist lawyers appointed by the Solicitor-General to conduct prosecutions on behalf of the Director. Proceedings related to serious or complex fraud are taken under the direction of the Director until the Solicitor-General assumes responsibility for prosecution in accordance with the Crown Prosecution Regulations 2013.

Offenses Involving Corruption

Offenses involving corruption, however, require the leave of the Attorney-General before the SFO commences a proceeding. The SFO works closely with other agencies to ensure justice is served and combat financial crime and corruption in New Zealand.

Conclusion

In summary, the Serious Fraud Office plays a crucial role in combating financial crime and corruption in New Zealand, working closely with other agencies to ensure justice is served.