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New Zealand’s Financial Inclusion and Anti-Money Laundering Efforts Get High Marks, Says FATF Report

A recent report by the Financial Action Task Force (FATF) has praised New Zealand’s efforts in implementing anti-money laundering (AML) measures and promoting financial inclusion. The country received high ratings across several key areas, indicating its commitment to combating money laundering and terrorist financing.

Assessing Risk and Applying a Risk-Based Approach

New Zealand scored well on assessing risk and applying a risk-based approach, with the report noting that the country has implemented a robust system for identifying and mitigating risks associated with money laundering and terrorist financing.

• The country’s national cooperation and coordination mechanisms were found to be effective in ensuring a comprehensive approach to AML/CFT efforts.
• New Zealand’s laws and regulations related to money laundering and terrorist financing, including provisions for confiscation and provisional measures, were deemed robust and effective.

Targeted Financial Sanctions and Confiscation Measures

The report also commended New Zealand on its targeted financial sanctions related to terrorism and terrorist financing, which were deemed effective in disrupting the financing of terrorist activities.

• The country’s powers of supervisors and regulation and supervision of financial institutions were recognized as effective in ensuring compliance with AML/CFT regulations.
• However, there were some areas where improvement was needed, including:
  • Improvements to laws and regulations related to non-profit organizations
  • Enhancements to the powers of supervisors and regulation

Promoting Financial Inclusion

New Zealand’s efforts to promote financial inclusion were also recognized in the report, with the country receiving praise for its measures to increase access to financial services for vulnerable populations.

• The report noted that New Zealand has implemented a range of initiatives aimed at promoting financial literacy and reducing barriers to accessing financial services.
• These initiatives include:
  • Initiatives to increase access to financial services for disadvantaged groups
  • Programs to promote financial literacy among the general public

Conclusion

Overall, the FATF report highlights New Zealand’s commitment to implementing effective AML/CFT measures and promoting financial inclusion. While there are areas where improvement is needed, the country’s efforts have earned it high marks from international authorities.