Financial Crime World

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Financial Crime Cases in NZ: Authorities Unite to Tackle Money Laundering and Organised Crime

New Zealand’s authorities are joining forces to combat financial crime and disrupt organised crime networks. The collaboration aims to identify and investigate money laundering syndicates, professional money launderers, and other serious offenders.

Financial Intelligence Unit: A Key Player in Detecting Crime

The Financial Intelligence Unit (FIU) is a critical component of the country’s financial crime-fighting efforts. Established under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009, the FIU collects, analyses, and disseminates financial information to assist law enforcement agencies in detecting and investigating money laundering and terrorism financing.

Key Functions of the Financial Intelligence Unit

  • Generates intelligence products, including proactive and targeted financial offender profiles
  • Provides advice on policy and legal matters
  • Produces the National Risk Assessment (NRA)
  • Conducts outreach and training with police workgroups, partner agencies, and reporting entities

Asset Recovery Units: Disrupting Organised Crime

Established in 2009, the Asset Recovery Units (ARUs) are specifically designed to implement the Criminal Proceeds (Recovery) Act. The ARUs aim to disrupt, deter, and derail crime by denying criminals the opportunity to enjoy the benefits of offending or reinvest those proceeds in further criminal activity.

Key Functions of the Asset Recovery Units

  • Investigate cases using complex forensic accountancy and financial analysis processes
  • Collaborate with agencies such as Customs, the Serious Fraud Office (SFO), and Inland Revenue
  • Work with overseas law enforcement agencies to provide advice on matters related to proceeds of crime policy and legislation

Money Laundering Team: Bridging the Gap

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

Key Functions of the Money Laundering Team

  • Proactively investigate syndicates and the persons supplying them with criminal proceeds
  • Provide support and general advice to police districts, National Organised Crime Group (NOCG), and external partners

Financial Crime Prevention Network: A Public-Private Partnership

New Zealand’s Financial Crime Prevention Network (FCPN) is a public-private partnership chaired by the Financial Crime Group. Members include NZ Customs, ANZ, ASB, BNZ, Kiwibank, and Westpac. The FCPN has commenced a work plan to produce four joint strategic typology products covering child exploitation, trade-based money laundering, virtual asset service providers, and trust and company service providers.

The authorities are working together to combat financial crime in New Zealand, with a focus on disrupting organised crime networks and identifying money laundering syndicates.