Financial Crime World

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Financial Crime Prevention Strategies in New Zealand: A Multi-Agency Approach

In a bid to combat financial crime, the Financial Crime Group (FCG) has implemented a range of strategies across New Zealand. The group, comprising the Financial Intelligence Unit (FIU), Asset Recovery Units (ARUs), and Money Laundering Team (MLT), works closely with government agencies, financial institutions, and international partners to disrupt and dismantle criminal networks.

Key Components

Financial Intelligence Unit (FIU)

The FIU collects, analyzes, and disseminates financial intelligence to assist law enforcement agencies in detecting and investigating money laundering, terrorism financing, and other serious offenses. The unit generates a range of intelligence products, including:

  • Proactive and targeted financial offender profiles
  • Guidance material on money laundering and terrorism financing

Asset Recovery Units (ARUs)

Established in 2009, the ARUs are tasked with recovering criminally acquired assets through complex forensic accountancy and financial analysis processes. They work closely with other agencies, including:

  • Customs
  • Serious Fraud Office
  • Inland Revenue

to investigate cases and deny criminals the opportunity to enjoy the benefits of their illegal activities.

Money Laundering Team (MLT)

Established in 2017, the MLT focuses on investigating criminal offenders moving the proceeds of predicate offending. The team works proactively to disrupt and dismantle facilitators assisting organized criminal groups to hide illicit funds, including:

  • Legal professionals
  • Other third parties

Financial Crime Prevention Network (FCPN)

A key aspect of FCG’s strategy is its partnership with financial institutions through the FCPN. This public-private partnership, chaired by FCG, includes members from:

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

The network has commenced producing joint strategic typology products on topics such as:

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

International Cooperation and Best Practices

New Zealand’s financial crime prevention efforts are also informed by international best practices and standards set by organizations like the Financial Action Task Force (FATF). The country’s Anti-Money Laundering/Countering Financing of Terrorism Act 2009 provides a legal framework for reporting entities to report suspicious activities, while:

  • Reserve Bank of New Zealand
  • Financial Markets Authority
  • Department of Internal Affairs
  • Other agencies

play critical roles in supporting FCG’s efforts.

Conclusion

Through its various strategies and partnerships, the Financial Crime Group is working to prevent financial crime and protect New Zealand’s financial system.