Financial Crime Prevention Network Launched in New Zealand
Enhancing Resilience Against Money Laundering and Terrorist Financing
A groundbreaking initiative was launched today, aimed at boosting New Zealand’s resilience against money laundering, terrorist financing, and associated crimes. The New Zealand Financial Crime Prevention Network (NZ-FCPN) is a year-long pilot project that brings together the country’s major banks and the Police Financial Intelligence Unit.
About the NZ-FCPN
The network consists of:
- ANZ
- ASB
- BNZ
- Kiwibank
- Westpac
These institutions will work in collaboration with the Police Financial Intelligence Unit to enhance their ability to detect, prevent, and disrupt financial crime.
Collaboration Against Sophisticated Crimes
According to Detective Superintendent Iain Chapman:
“As technology becomes more advanced, so do criminals and their attempts to conduct financial crimes. New Zealand is not immune to the threat of organised financial crime, and it’s essential we establish this network to harness individual efforts and improve our ability to detect and prevent these crimes.”
Stakeholder Feedback and Review
The NZ-FCPN was established after receiving feedback and advice from various stakeholders, including:
- Commerce Commission
- Office of the Privacy Commissioner
- Financial Markets Authority
- Department of Internal Affairs
- Reserve Bank of New Zealand
An independent legal review of the Memorandum of Understanding establishing the network was also conducted prior to its launch.
Global Collaboration Against Financial Crime
Globally, there is a trend towards collaboration between private sector entities and law enforcement agencies to combat financial crime and terrorism financing. Detective Superintendent Chapman believes that establishing the NZ-FCPN puts New Zealand in a stronger position to tackle these crimes.
“The cost of social harm caused by financial crime can be devastating for victims and the broader economy,” he said. “Having an elevated ability to detect attempts at financial crime will make New Zealand a less desirable place to commit financial crime.”
Objectives and Evaluation
The network will work together on strategic research projects, education, and intelligence sharing to provide a more complete picture of criminal activity and lead to better strategic development that keeps New Zealand safe and secure.
The pilot project will be evaluated after one year to review the successful meeting of outcomes and the impact it has had on serious financial crime in New Zealand.