On 15th March, the New Zealand Herald reported on the publication of a national risk assessment report from the FIU.  An estimated $1.35 billion of criminal proceeds is generated for money laundering in New Zealand every year but the actual transactional value is thought to be several times higher – $750m comes from drug offending, $500m from fraud and $100m from other offences such as burglary.  The report replaces its predecessor from 2010 and is used along with Sector Risk Assessments, published by the Reserve Bank, the Department of Internal Affairs and the Financial Market Authority.  In April 2017, the police launched the first dedicated money laundering investigations team – a group of 8 detectives and specialists.  The report notes that, although transnational laundering through real estate has received a high degree of media interest in New Zealand, this typology has not been common in international requests to the FIU.  The article includes a link to the report.

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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