Financial Crime World

New Zealand’s Financial Crime Investigation Process Uncovered: A Comprehensive Look at the Financial Intelligence Unit, Asset Recovery Units, and Money Laundering Team

As part of its efforts to combat financial crime, New Zealand has established a robust investigation process comprising the Financial Intelligence Unit (FIU), Asset Recovery Units (ARUs), and Money Laundering Team (MLT). In this article, we delve into the core functions of these units and their roles in detecting and investigating money laundering, terrorism financing, and other serious offenses.

Financial Intelligence Unit (FIU)

The FIU is based at Police National Headquarters and collects, analyzes, and disseminates financial information received under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. The core functions of the FIU include:

  • Generating intelligence products
  • Providing policy and legal advice
  • Producing the National Risk Assessment (NRA)
  • Conducting outreach and training to law enforcement agencies and reporting entities

Asset Recovery Units (ARUs)

The ARUs were established in December 2009 to implement the Criminal Proceeds (Recovery) Act 2009. The ARUs investigate cases using complex forensic accountancy and financial analysis processes, working closely with other government agencies such as:

  • Customs
  • Serious Fraud Office (SFO)
  • Inland Revenue

Money Laundering Team (MLT)

The MLT was established in 2017 and focuses on disrupting and dismantling facilitators assisting organized criminal groups to hide illicit funds. The team investigates criminal offenders moving the proceeds of predicate offending and provides support to:

  • Police Districts
  • National Organised Crime Group (NOCG)

Financial Crime Prevention Network (FCPN)

The FCPN is a Public-Private Partnership that includes members from NZ Customs, ANZ, ASB, BNZ, Kiwibank, and Westpac. The FCPN has commenced producing four joint strategic typology products to combat:

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

Conclusion

With a comprehensive understanding of the Financial Crime Group’s core functions, Asset Recovery Units, Money Laundering Team, and Financial Crime Prevention Network, New Zealand is well-equipped to tackle financial crime and protect its citizens’ interests.