International Cooperation Boosts Financial Intelligence Unit’s Activities

Wellington, New Zealand - Annual Report Highlights Increased Collaboration

The Financial Intelligence Unit (FIU) has released its annual report for 2021-2022, showcasing a significant surge in international cooperation and collaboration with foreign law enforcement agencies.

Key Findings

• The FIU received 87,413 reports from various sources, including suspicious activity reports, cash transaction reports, electronic funds transfer reports, border currency reports, and intelligence reports. This represents an 8.19% increase compared to the previous year.
• The unit conducted a range of activities with international counterparts through various networks, including:
  • Egmont Secure Network (ESN)
  • APAN
  • ARIN-AP
  • NZTCU
  • JIATF West
  • NZNDIB

Investigations and Outcomes

• The FIU reported a significant increase in the number of cases received, with 289 cases compared to 130 in the previous year.
• The unit completed seven investigation cases, up from four in the previous year.

Importance of International Cooperation

The report highlights the critical role of international cooperation in combating financial crime:

“The FIU’s ability to share intelligence and collaborate with foreign agencies is critical in disrupting and dismantling criminal networks.”

Staff Development and Training

During the period under review, FIU staff members participated in numerous virtual training and professional development opportunities, including sessions on:

• Public-private partnerships
• Digital transformation
• Targeting trade-based money laundering
• Risk-based supervision of designated non-financial businesses and professions

Conclusion

The report concludes by emphasizing the importance of continued cooperation with international partners to combat financial crime and protect the integrity of the global financial system.