Financial Crime World

Latest Developments in Financial Crime Prevention in New Zealand

Introduction

The New Zealand Police’s Financial Crime Group (FCG) has made significant strides in preventing and investigating financial crime. In this article, we will explore the latest developments in financial crime prevention in New Zealand.

The Financial Intelligence Unit (FIU)

At the heart of the FCG is the Financial Intelligence Unit (FIU), which collects, analyses, and disseminates financial information to assist law enforcement agencies and regulatory bodies. The FIU produces a range of intelligence products, including:

  • Proactive offender profiles
  • Targeted offender profiles
  • Policy and legal advice

Asset Recovery Units (ARUs)

The Asset Recovery Units (ARUs) were established in 2009 to implement the Criminal Proceeds (Recovery) Act. Their aim is to disrupt, deter, and derail crime by denying criminals the opportunity to enjoy or reinvest their proceeds. ARUs investigate complex cases using forensic accountancy and financial analysis, collaborating with other agencies such as:

  • Customs
  • Serious Fraud Office
  • Inland Revenue

Money Laundering Team (MLT)

The Money Laundering Team (MLT) was established in 2017 to bridge the investigative gap between financial intelligence, financial investigations, and organised crime investigations. The team focuses on disrupting and dismantling facilitators assisting organised criminal groups to hide illicit funds, including:

  • Legal professionals
  • Other third parties

Financial Crime Prevention Network (FCPN)

New Zealand’s Public Private Partnership, the Financial Crime Prevention Network (FCPN), has launched a work plan to produce joint strategic typology products covering:

  • Child exploitation
  • Trade-based money laundering
  • Virtual asset service providers
  • Trust and company service providers

The FCPN is chaired by the FCG and includes members from:

  • NZ Customs
  • ANZ
  • ASB
  • BNZ
  • Kiwibank
  • Westpac

Key Initiatives and Developments

Some of the key initiatives and developments in financial crime prevention in New Zealand include:

  • Establishment of a work plan to produce joint strategic typology products through the Financial Crime Prevention Network (FCPN)
  • Launch of a new initiative by the Money Laundering Team (MLT) to disrupt and dismantle money laundering syndicates
  • Expansion of the Asset Recovery Units’ (ARUs) capabilities to investigate complex cases using forensic accountancy and financial analysis
  • Continued development of the Financial Intelligence Unit’s (FIU) intelligence products and advisory services

Conclusion

These developments demonstrate New Zealand’s commitment to preventing and investigating financial crime, and highlight the importance of collaboration between law enforcement agencies, regulatory bodies, and private sector entities.