Photo: 123RF
The latest report from the Financial Action Task Force, the global watchdog for money laundering and terrorist financing, assesses the risks New Zealand faces and looks at what laws and measures are in place and how well they are working.
It praised New Zealand for its work in recovering the proceeds of crime and for agencies ability to work together to use intelligence to investigate suspected crimes and trace and seize illicit assets. The New Zealand Police Financial Intelligence Unit (FIU) produces and disseminates a wide range of financial intelligence products, which generally support the operational needs of competent authorities, the report said.
Abuse of NZ shell companies and trusts highlighted in global money laundering report
29 Apr, 2021 07:30 AM
4 minutes to read
The Financial Action Task Force highlighted shell companies and trusts as being vulnerable to money laundering activity in New Zealand. Photo / File
The Financial Action Task Force highlighted shell companies and trusts as being vulnerable to money laundering activity in New Zealand. Photo / File Abuse of shell companies and trusts pose one of the top money laundering threats in New Zealand as transnational organised crime groups seek to exploit the country s financial and legal structures, an international report has found.
The Financial Action Task Force (FATF), a global money laundering and terrorist financing watchdog, said there are money laundering threats from proceeds of crime generated both domestically and internationally, particularly through the country s financial, legal, property and cash-intensive sectors.