2019 Financial Intelligence Unit National Risk Assessment
"Police publish 2019 Financial Intelligence Unit National Risk Assessment"
This week the New Zealand Police Financial Intelligence Unit (NZP FIU) published an updated assessment of the money laundering and terrorism financing risks New Zealand faces.
The Anti-Money-Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009 envisages a cooperative relationship between the private sector and government agencies to prevent and disrupt illicit use of New Zealand’s financial system.
The National Risk Assessment 2019 along with Sector Risk Assessments published by the Reserve Bank, the Department of Internal Affairs and the Financial Market Authority, form a comprehensive package of public risk assessments.
NZP FIU Manager Detective Inspector Christiaan Barnard says:
“Understanding risk is essential to understanding where we deploy our compliance and investigative resources.
"The effective deployment of these resources denies criminals the use of the financial system while maintaining New Zealand’s excellent economic reputation.
“The risk assessment continues to highlight the areas of remittance and trust or company and service providers (TCSPs) as being high risk sectors for money laundering. The use of cash also remains central to much of the offending detected as it provides a way of anonymising the paper trail.
“The offences of drug dealing and fraud are the most common offences associated with money laundering and there is an emerging transnational element to these illicit businesses.
"New Zealand Police works closely with its international partners to stymie criminal attempts to use these networks.
“Terrorist financing remains low risk, but is a high priority for New Zealand Police due to the low probability but high impact nature of this type of offending.”
“Money remains a key driver of crime in New Zealand, which is reflected by New Zealand Police’s target of seizing $500 million in cash and assets from criminals by 2021.”
The National Risk Assessment full report can be found here.