Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search

 

Assessment of money laundering and terrorism financing risks

Latest assessment of money laundering and terrorism financing risks published

This week the New Zealand Police Financial Intelligence Unit (the FIU) published an updated assessment of the money laundering and terrorism financing risks that the country faces, called the National Risk Assessment.

This replaces the National Risk Assessment from 2010, and along with Sector Risk Assessments published by the Reserve Bank, the Department of Internal Affairs and the Financial Market Authority, forms part of a comprehensive package of public risk assessments.

The report helps businesses engaged in financial services better understand the scale and nature of the criminal threats they face and how criminals seek to abuse their day-to-day operations.

FIU Manager Andrew Hill says understanding the risk is essential to building an effective national response to money laundering and terrorism financing.

“Even in a comparably safe country like ours, money laundering and terrorism financing harms communities by enabling organised crime to flourish.”

“Overseas criminals seeking to mask their illicit funds are also attracted by New Zealand’s reputation as a safe and non-corrupt country.”

“We need businesses and service providers to appreciate how and why risks arise.

With increased awareness we can more successfully prevent and detect illicit financial activity.”

The updated National Risk Assessment report released this week recognises changes and the achievements which have been made in the area since the 2010 report.

“Recognising risk and not being complacent helps protect New Zealand’s reputation and presents us as a good place to do lawful business.”

New Zealand’s Money Laundering and Terrorism Financing Risks

Criminals involved in drug, fraud and tax offending commit crime as business enterprises, which need money laundering to avoid detection while making profits available and to fund reoffending.

They seek to obscure the origin of proceeds of crime by moving them through the financial sector, the cash economy, and professional service providers and often by moving funds internationally.

Overseas-based criminal enterprises attempt to capitalise on the good reputation of countries like New Zealand.

They do this by moving funds through international payments or exchanging illicit funds for trade goods.

New Zealand’s reputation can also be abused by using companies or trusts to give overseas transactions an air of respectability, often without funds actually moving through New Zealand.

The threat of terrorism in New Zealand is lower than many of our partners.

However, given the level of international scrutiny on terrorism financing, it is possible that overseas terrorism financers may seek to abuse New Zealand structures using similar methods as international money launderers.

The National Risk Assessment full report can be found here

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Dealing Crackdown, Addiction Support: Government Action On Synthetics

The NZ Drug Foundation has welcomed the Government’s response to synthetic drug deaths. The response strikes a balance between giving law enforcement the tools they need to target criminal networks and changing drug law to make it easier for people to access help when they need it. More>>

ALSO:

Strategy Committee Unanimous: Wellington To Forge Ahead With Convention Centre

The three-storey Cable Street building, with around 18,000-square metres of floor space, will comfortably be able to host 1500 people for conventions. It includes a 1651sq m exhibition area that will attract international exhibitions too big for nearby Te Papa and provide an always-changing visitor attraction. More>>

ALSO:

Surveying The Surveillance: First IGIS Review Of Warrants Under New Act

The report sets out the Inspector-General’s interpretation of the new warrant provisions under the ISA and her expectations of the GCSB and NZSIS when they prepare warrant applications. More>>

SSC: 2018 Public Service Workforce Data Published

State Services Commissioner Peter Hughes has published the 2018 Our People, Public Service Workforce Data , which shows the Public Service is making significant progress in important areas. More>>

ALSO:

Sinking Cap: Auctions, Permanent Forests, Added To ETS

The move to auctions, signalled in an August consultation paper, will help put a cap on the number of emission units available over time. Annual announcements, looking forward five years, will help provide certainty for scheme participants, she said. More>>

ALSO:

Joint Select Committee Report: Achieving Smokefree 2025

In a historic first for select committees, the Māori Affairs Committee and the Health Committee presented their joint report on achieving the Smokefree 2025 goal to the House on Tuesday, 11 December 2018. More>>

"Shared Interests And Democratic Values": Peters To Visit USA

Deputy Prime Minister and Foreign Affairs Minister Winston Peters will travel to Washington D.C. for talks with US Secretary of State Michael R. Pompeo and other senior members of the US Administration. More>>

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels