NEW ZEALAND: MONEY REMITTER MOVED ALMOST $95 MILLION FROM CHINA WITHOUT HAVING ENOUGH INFORMATION TO TRACE TRANSACTIONS BACK TO THEIR ORIGINATORS

The Interest website in New Zealand on 31st July reported that Auckland-based money remitter, Qian DuoDuo Limited (t/a Lidong Foreign Exchange), prosecuted by the Department of Internal Affairs (DIA) under AML legislation, is alleged to have moved almost $95 million from China to New Zealand without having enough information to trace transactions back to the originator.  Many of the transactions were organised through electronic media such as WeChat and Skype.  It also reports that last year Ping An, another Auckland-based money remitter, was fined for “calculated and contemptuous disregard’ for AML laws. Ping and the DIA filed a case against a third Auckland-based money remitter, Jin Yuan Finance Limited, under the AML/CFT Act.

https://www.interest.co.nz/business/95049/auckland-based-money-remitter-qian-duoduo-moved-almost-95m-china-nz-without-having

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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