NEW ZEALAND: FATF AML/CFT MUTUAL EVALUATION REPORT

On 29 April, Interest in New Zealand reported that the country’s latest country assessment, or mutual evaluation, has been released by FATF.  FATF points out the country doesn’t have a register of all domestic trusts (of which there up to 500,000) and suggests the Government considers introducing one.  FATF says New Zealand does well on the confiscation of proceeds of crime, but doesn’t do so well when it comes to white collar crime.  Major gaps are said to include insufficient measures to mitigate the risks posed by nominee directors and shareholders, insufficient mechanisms for authorities to obtain adequate, accurate and current company, limited partnership and trust beneficial ownership information, and insufficient measures for adequate, accurate and current information on trusts.  FATF says that New Zealand’s measures to combat money laundering and terrorist financing are delivering good results, but the country needs to focus more on improving the availability of beneficial ownership information, strengthening supervision and implementation of targeted financial sanctions.

https://www.interest.co.nz/business/110125/fatf

https://www.stuff.co.nz/national/crime/124984177/tackling-of-money-laundering-adequate-but-more-can-be-done-watchdog-finds

https://www.fatf-gafi.org/media/fatf/documents/reports/mer4/Executive-Summary-Mutual-Evaluation-Report-New-Zealand-2021.pdf

https://www.fatf-gafi.org/media/fatf/documents/reports/mer4/Mutual-Evaluation-Report-New-Zealand-2021.pdf

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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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