Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Financial Action Task Force On Money Laundering

Financial Action Task Force On Money Laundering

Media Release
Hon Phil Goff
Minister of Foreign Affairs and Trade

15 February 2000

FINANCIAL ACTION TASK FORCE ON MONEY LAUNDERING

New Zealand is working with other OECD countries to combat the serious global problem of money laundering, Foreign Minister Phil Goff said today.

He was commenting on today's report by the OECD-linked Financial Action Task Force on Money Laundering (FATF) which signals their latest initiative to combat money laundering.

Mr Goff said, "the estimates for the amount of money involved are staggering. The United Nations puts it at US$500 billion per annum in drug trafficking alone.

"FATF's members, which include New Zealand, have identified certain jurisdictions which may have practices and rules that do not effectively prevent money laundering.

"Those jurisdictions will be checked against 25 criteria agreed to by FATF members to assess whether individual countries or territories are vulnerable to being used as money laundering locations.

"The issue of financial crime and money laundering is a global one, but countries in South Pacific region with small administrations are often particularly vulnerable to the predations of criminal elements.

"At this stage the emphasis is on assisting vulnerable countries constructively. If, however, countries are not co-operative they risk being named and may face sanctions from the international community.

"New Zealand is active in combating fraud in the South Pacific region and is ready to assist countries in the region to enable them to combat money laundering and financial crime.

ENDS

The report can be read on www.oecd.org/fatf


© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Supreme Court: Worksafe Decision On Whittall Pike River Prosecution Unlawful

The question in issue on the appeal was whether WorkSafe New Zealand acted to give effect to an unlawful agreement of this nature when it offered no evidence on charges against Peter William Whittall for breaches of the Health and Safety in Employment Act 1992...

The Supreme Court... has found that the decision to offer no evidence was made under an unlawful agreement to stifle prosecution. It has granted a declaration to that effect. More>>

 

Cullen To Chair: Tax Working Group Terms Of Reference Announced

Finance Minister Grant Robertson and Revenue Minister Stuart Nash today announced the Terms of Reference for the Tax Working Group and that the Group will be chaired by Sir Michael Cullen. More>>

ALSO:

Gordon Campbell: On The New Pike River Agency (And The Air Strike Wing)

Much of the sympathy the public still feels for the families of the Pike River miners has been sustained by the sense that the previous government – let alone the mining company and the processes of receivership and litigation – has never dealt honestly, or fairly, with them. More>>

ALSO:

Not Going Swimmingly: Contractor Cut, New Dates For Christchurch Sports Centre

“As an incoming Minister, I have been conducting a thorough review of progress on the Anchor projects and to learn of a $75 million budget blowout on this project was very disappointing..." More>>

ALSO:

Tertiary: Allowances, Loan Living Costs To Get Boost

“From 1 January, student allowance base rates and the maximum amount students can borrow for living costs will rise by a net $50 a week,” says Education Minister Chris Hipkins... further adjusted from 1 April 2018 in line with any increase in the CPI. More>>

ALSO:

Foreign Affairs: Patrick Gower Interviews Jacinda Ardern

Prime Minister Jacinda Ardern says discussions have already begun on how to bring climate change refugees into New Zealand under a Pacific seasonal employment plan... More>>

ALSO:

Gordon Campbell: On The Centre Right’s Love Of ‘Nanny State’

You’d almost think it was 2005 again. That was a time when the rugged individualists of the centre-right were being beset by government regulations on the nature of light-bulbs, the size of shower heads, the junk food available at school tuck shops and other such essentials... More>>

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election