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

 

Report on Money Laundering and Financing Terrorism

Report on Money Laundering and Financing Terrorism warns against complacency


In its updated assessment the New Zealand Police Financial Intelligence Unit (FIU) said $1.35 billion of domestic criminal proceeds is generated for laundering in New Zealand each year.

This week the FIU released the National Risk Assessment an updated assessment of the money laundering and terrorism financing risks that the country faces.
FIU Manager Andrew Hill says "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."

This report describes the vulnerabilities of the New Zealand financial system to money laundering and terrorism financing and provides an awareness to more successfully prevent and detect illicit financial activity.

The channels that currently offer opportunities to money launderers in New Zealand are those financial, legal, accounting, real estate, and retail or dealer services that

• offer anonymity to the offenders,
• are available for moving large values and volumes of legitimate funds and which provide a screen for illicit transactions,
• are widely available internationally and also have poor AML/CFT controls internationally, and /or
• are cash intensive, which are particularly used to disguise drugs proceeds.
"The Police FIU report also highlights the high potential economic and reputational cost associated with money laundering and financing of terrorism," adds Hill.



"This report is further supports the need for complete transparency of ownership of New Zealand companies and trusts," Says Suzanne Snively, Chair of Transparency International New Zealand. "We know of trusts set up In New Zealand used as instruments of crime for corrupt people and regimes overseas. This may well include terrorists; New Zealand should not consider itself immune from being used by organisations like ISAL. Opacity of ownership under current law encourages these activities and obscures our ability to prevent them."

While the new requirement under the anti money laundering and counter terrorism act to be implemented in July will further assist the prevention of money laundering for terrorist and other criminal purposes financial transactions are not the only identifier of criminal intent. The Government needs to pass with urgency the bill that will identify beneficial ownership of trusts followed quickly with an amendment to cover all legal entities used by overseas sources and with the register fully transparent.

ends

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

SCOOP COVERAGE: CHRISTCHURCH MOSQUES TERROR ATTACK


Gordon Campbell: On Trump’s Open White Nationalism

At one level, this has been the week that the Republican Party of Abraham Lincoln – which once led a civil war that ended the slave economy of the South – has now defined itself openly as being the party of white nationalism.

By telling those four elected, American born and/or raised women of colour to “go home”, US President Donald Trump’s racist agenda has come out of the shadows. More>>

 

Pay Rise Delay: Teachers Unions Plan Legal Action Against Novopay

Both of the teachers unions - NZEI and the PPTA - have confirmed they will be taking legal action against Novopay. More>>

ALSO:

Emission Statement: 'Consensus Reached' On Agriculture

Today the Government launched a consultation document, informed by the work of the Interim Climate Change Committee (ICCC), on how to bring agriculture into the emissions trading scheme, a key part of the Government’s plan to tackle climate change and reduce New Zealand’s emissions. More>>

ALSO:

Gordon Campbell: On What’s Wrong With Wellington

For many Wellingtonians, it hasn’t been the normal hardships – the workings of central government and the lousy weather – that have recently pushed their tolerance into the red zone. It has been the inability of local government to maintain even the basics. More>>

ALSO:

$1m Compensation Paid: First Gun Ban Event In Christchurch

The Police Minister says the first ever firearms collection event in Christchurch over the weekend was a huge success. But Stuart Nash had concerns about whether the participation reflected the number of weapons in the region. More>>

ALSO:

The Kids: Youth Parliament 2019 Event Kicks Off

120 Youth MPs and 20 Youth Press Gallery members have gathered in Wellington to attend the two-day Youth Parliament event ... More>>

ALSO:

Friends Like These: Foreign Minister To Visit USA

Deputy Prime Minister and Foreign Affairs Minister Winston Peters will travel to Washington D.C. today for talks with senior members of the US Administration, and to attend the Ministerial to Advance Religious Freedom. More>>

ALSO:

Gordon Campbell: On The Aussie Banks’ Latest Fee Hike Excuse

When the Reserve Bank sought feedback on its plans to require the country’s major banks to raise their capital reserves then you might have expected the banks to whine and complain. And so they have. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels