New Zealand Takes Action Against Financial Crime with Public-Private Partnership

A Powerful Alliance to Combat Money Laundering

In a significant move to combat organized crime and terrorist financing, the Financial Crime Prevention Network (FCPN) has been established in New Zealand. This public-private partnership brings together key players from both the financial sector and law enforcement to share information and take action against money laundering.

The Partnership

The FCPN is led by the New Zealand Financial Intelligence Unit (NZ FIU), which works closely with the New Zealand Police, Customs, and major banks such as ANZ, ASB, BNZ, Kiwibank, and Westpac. This collaboration marks a significant shift towards cooperation between the public and private sectors, enabling swift action to protect New Zealand’s financial system.

The Threat of Money Laundering

The threat of money laundering is real and sophisticated, with trans-national organized crime operating across the globe. The FCPN aims to combat these threats by dissolving previous barriers to information sharing and fostering a culture of collaboration.

Key Features of the FCPN:

• Regular meetings: The FCPN Operations Board meets monthly to discuss current trends in financial crime, share operational priorities, and develop joint strategic products.
• Collaborative approach: The partnership is modelled on successful initiatives such as the Joint Money Laundering Taskforce in the UK and the Fintel Alliance in Australia.
• Intelligence resources: The FCPN directly contributes to New Zealand’s vision of being a safe country and aims to become world-leading in financial crime prevention.

A Commitment to Action

In a statement, the NZ FIU said that the FCPN is a key part of its strategy to prevent and disrupt organized crime. “The threat of trans-national organized crime requires a coordinated response from both the public and private sectors,” it said. “We are committed to working closely with our partners to protect New Zealand’s financial system and prevent organized crime from flourishing in our country.”