NEW ZEALAND LEADS THE CHARGE AGAINST FINANCIAL CRIME
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A Groundbreaking Public Private Partnership to Combat Financial Crime
New Zealand has established a pioneering Public Private Partnership (PPP) to tackle the growing threat of financial crime and money laundering. The Financial Crime Prevention Network (FCPN), led by the New Zealand Financial Intelligence Unit (NZ FIU), brings together key stakeholders from both the public and private sectors to share information, enhance intelligence gathering, and take swift action against organised crime.
A Critical Component in Preventing Financial Crime
The FCPN is a critical component in preventing financial crime, protecting New Zealand’s economy and people, and combating terrorist financing. By fostering collaboration between law enforcement agencies and the financial sector, the partnership aims to stay one step ahead of increasingly sophisticated money laundering networks and trans-national organised crime groups that threaten New Zealand’s international reputation.
Key Players Join Forces
The FCPN comprises key players from the banking industry, including:
- ANZ
- ASB
- BNZ
- Kiwibank
- Westpac
- Law enforcement agencies such as:
- New Zealand Police
- Customs
Together, they share operational priorities, develop strategic products, and inform guidance for reporting entities to ensure a cohesive response to financial crime threats.
FCPN Operations Board: A Monthly Meeting of Minds
The FCPN’s Operations Board meets monthly to discuss current trends and share intelligence, allowing members to make informed decisions and take swift action against emerging threats. This collaborative approach has already yielded significant results, with the partnership directly contributing to the New Zealand Police’s vision of being the safest country in the world.
Threat Assessments: Identifying and Mitigating Risks
As part of its efforts, the FCPN has launched a series of threat assessments to identify and mitigate potential risks. The first assessment, focused on trans-national organised crime, highlights the need for continued vigilance and cooperation among stakeholders to prevent financial crime from flourishing in New Zealand.
A Commitment to Building an Effective Network
With its foundation members sharing a strategic vision and direction, the FCPN is committed to building and growing an effective network of dedicated intelligence resources to combat financial crime and money laundering. By working together, New Zealand can protect its economy, people, and international reputation from the threats posed by these sophisticated crimes.