New Zealand Eyes Up Financial Crime Threat as Police and Banks Launch New Network
A Major Collaboration Against Financial Crime
A significant partnership between police and New Zealand’s five largest banks has been launched to tackle the growing threat of financial crime in the country. The New Zealand Financial Crime Prevention Network (NZ-FCPN) brings together ANZ, ASB, BNZ, Kiwibank, and Westpac with the Police Financial Intelligence Unit (FIU).
The Threat of Sophisticated Criminals
Detective Superintendent Iain Chapman emphasizes that as technology advances, so do the methods employed by criminals attempting to commit financial crimes such as money laundering and terrorism financing. He warns that New Zealand is not immune to the threat of organized financial crime.
Combating Financial Crime Through Collaboration
The network was established following feedback from various third parties including:
- Commerce Commission
- Office of the Privacy Commissioner
- Financial Markets Authority
- Department of Internal Affairs
- Reserve Bank of New Zealand
This collaboration reflects an emerging global trend of private sector and law enforcement partnerships aimed at combating financial crime.
Benefits of the Network
Launching this pilot in New Zealand positions the country to benefit from:
- Elevated Detection: An improved ability to detect attempts at financial crime will make New Zealand a less desirable place for criminals.
- Reduced Social Harm: The network’s efforts aim to minimize the devastating impact of financial crime on victims and the broader economy.
The Future of Financial Crime Prevention
The NZ-FCPN plans to work together on strategic research projects and education initiatives to gain a more comprehensive understanding of criminal activity. This collaboration will strive to improve detection and disruption of financial crime over the next year, with a review of its success after 12 months.