The document is a mutual evaluation report from April 2021 that assesses New Zealand's anti-money laundering and counter-terrorist financing framework. It provides ratings for New Zealand's level of effectiveness and technical compliance, identifies key strengths and findings, and lists priority actions. Some of New Zealand's strengths identified include understanding money laundering/terrorist financing risks and coordinating domestic actions. Areas for improvement include increasing the availability of beneficial ownership information and ensuring adequate supervision of banks and implementation of targeted financial sanctions.
Takeaways from the Financial Action Task Force's Guidance on Virtual Assets a...Lesa Moné
On Thursday, October 28th, the Financial Action Task Force (FATF) released its latest guidance for virtual assets, introducing new and updated requirements for the industry.
These slides are from a webinar where the Notabene team summarized the most important takeaways from the updated FATF guidelines, discussed their implications, and highlighted how Notabene can help cryptocurrency businesses comply with the latest guidance.
Customer Due Diligence: Improving Screening Processes for OFAC Entities and O...SHAUN HASSETT
Update on current OFAC Screening Requirements and How to Improve the Screening Processes as part of your overall Customer Due Diligence Program.
For more information about this topic, please contact SHAUN HASSETT at due_diligence@att.net
Presentation given for Crowe Horwath Auditor's training session on 26/03/2016.
AML regulations are applicable to professional service providers also. See the presentation for more information
Takeaways from the Financial Action Task Force's Guidance on Virtual Assets a...Lesa Moné
On Thursday, October 28th, the Financial Action Task Force (FATF) released its latest guidance for virtual assets, introducing new and updated requirements for the industry.
These slides are from a webinar where the Notabene team summarized the most important takeaways from the updated FATF guidelines, discussed their implications, and highlighted how Notabene can help cryptocurrency businesses comply with the latest guidance.
Customer Due Diligence: Improving Screening Processes for OFAC Entities and O...SHAUN HASSETT
Update on current OFAC Screening Requirements and How to Improve the Screening Processes as part of your overall Customer Due Diligence Program.
For more information about this topic, please contact SHAUN HASSETT at due_diligence@att.net
Presentation given for Crowe Horwath Auditor's training session on 26/03/2016.
AML regulations are applicable to professional service providers also. See the presentation for more information
This presented is aimed at AML/CTF practitioners who would need quick reminders of the basics of AML. Tools are not very useful if the underlying basics are unknown.
Learn more about the Foreign Account Tax Compliance Act (FATCA), including FFI, NFFE, GIIN, FATCA Timeline, and more, from the International Tax Partners at Citrin Cooperman.
View the recorded FATCA webinar presentation here: http://www.citrincooperman.com/Webinars/FACTA-Webinar.aspx
www.citrincooperman.com
Fisheries crime and their sollution pptAshish sahu
What is fisheries crime?: Fisheries crime is an ill-defined legal concept referring to a range of illegal activities in the fisheries sector. These activities – frequently transnational and organized in nature – include illegal fishing, document fraud, drug trafficking, and money laundering.
Illegal fishing is a key driver of global overfishing, it threatens marine ecosystems, puts food security and regional stability at risk, and is linked to major human rights violations and even organized crime.
Bovill - the UK financial services regulatory consultancy - runs regular briefings. These are the slides from the February briefing on anti-money laundering. For more information visit http://www.bovill.com/FinancialCrime.aspx.
Information on the event is below:
Taking a company-wide approach to money laundering
“The FCA has made it very clear that responsibility for the overall culture of firms sits at the top. We need leaders and senior managers within the industry to set the tone for how their staff behave.”
Tracey McDermott, Director of Enforcement and Financial Crime, FCA
The regulator has recently reiterated their intention to carry out further thematic and enforcement work in financial crime. However, many firms still have a fragmented approach to managing the risks of money laundering.
The responsibility for preventing financial crime is shared across the firm from the back office to the boardroom. Firms need to take a company-wide approach to tackling money laundering to ensure they are complying with regulation and managing risks effectively.
Bovill’s briefing looked at Anti-Money Laundering (AML), covering:
• Governance arrangements: as the foundation for effective communication and issue resolution
• Risk management: the difficulties of negotiating the right level of due diligence for higher risk customers and what tools can be used to help with this process
• Systems and controls: ensuring that these are fit for regulatory purpose and are appropriately maintained within your firm.
Title: Spin Your CTI Process Round
Short Bio:Andreas Sfakianakis is a Cyber Threat Intelligence professional with over fifteen years of experience in cyber security. He focuses on applying threat intelligence and helping organizations manage threats mostly within the Energy, Technology, and Financial sectors as well as in European Union’s Agencies and Institutions. Andreas has been contributing to the CTI community since 2012 via public reports and presentations, his blog, newsletter, and instructing. His utmost goals are the maturing of threat management programs within organizations as well as the embedding CTI in policy making. Andreas Twitter handle is @asfakian and his website is threatintel.eu.
Abstract: Is your CTI team struggling to operationalize the CTI process? Don't worry, your team is not the only one! During the "CTI journey", CTI teams try out approaches and tools, hoping to give value to their organization. This is usually a trial and error process, and when not successful, it costs money and time for organizations and also demotivates CTI analysts.
This presentation will discuss some of the basic "baby" steps that CTI teams often neglect. We will be focusing on case management and intelligence workflows. Moreover, we will elaborate on how you can take advantage of the knowledge produced by the CTI team and provide meaningful metrics to the CTI team and the management. Finally, we elaborate on the essential ingredients for CTI teams in the early phases of their "CTI journey".
The key takeaway for the audience is the realization of some basic steps that a CTI team has to take to coordinate its workload better, build workflows, and better manage the CTI knowledge it produces. The audience will also be presented with real-world examples and implementations within corporate environments of such approaches. Ideally, we will give you some hints to spin your CTI process round!
Sanctions List Screening with World-Check and CaseWare Alessa
Get the most comprehensive sanctions list screening capability available today with CaseWare AML Compliance and the Thomson Reuters World-Check database.
WHAT IS CASEWARE AML COMPLIANCE?
As part of their anti-money laundering (AML) compliance programs, financial institutions and other organizations must take measures to ensure they are not doing business with sanctioned individuals, groups or countries. CaseWare AML Compliance is a solution that has Know Your Customer (KYC), transaction monitoring, sanctions list screening, and regulatory reporting capabilities in a single platform, allowing businesses to fulfill all key areas required by AML regulations.
By adopting this solution, compliance teams have at their fingertips advanced and configurable analytics, visualizations, workflows, alerts and case management capabilities. Organizations can identify high-risk individuals and entities; detect suspicious transactions; manage investigations and compliance risks through automated workflows; and electronically file reports to regulators.
THOMSON REUTERS WORLD-CHECK DATABASE
CaseWare AML Compliance is integrated with Thomson Reuters World-Check database, which currently includes more than 100,000 sources. Hundreds of global researcher analysts review more than 530 sanction, watch and regulatory law and enforcement lists in addition to thousands of other sources of information related to politically exposed persons (PEPs) and individuals and entities not found on official lists daily. This makes World-Check the most comprehensive and up-to-date sanctions list available today.
About Alessa, a CaseWare RCM product:
Alessa is a financial crime detection, prevention and management solution offered by CaseWare RCM Inc. With deployments in more than 20 countries in banking, insurance, FinTech, gaming, manufacturing, retail and more, Alessa is the only platform organizations need to identify high-risk activities and stay ahead of compliance. To learn more about how Alessa can help your organization ensure compliance, detect complex fraud schemes, and prevent waste, abuse and misuse, visit us at caseware.com/alessa.
Connect with us online:
Visit the Alessa WEBSITE: https://www.caseware.com/alessa/
Follow Alessa on LINKEDIN: https://www.linkedin.com/caseware-alessa
Follow Alessa on TWITTER: https://twitter.com/casewarealessa
SUBSCRIBE to Alessa on YouTube: http://tiny.cc/Alessa
This presented is aimed at AML/CTF practitioners who would need quick reminders of the basics of AML. Tools are not very useful if the underlying basics are unknown.
Learn more about the Foreign Account Tax Compliance Act (FATCA), including FFI, NFFE, GIIN, FATCA Timeline, and more, from the International Tax Partners at Citrin Cooperman.
View the recorded FATCA webinar presentation here: http://www.citrincooperman.com/Webinars/FACTA-Webinar.aspx
www.citrincooperman.com
Fisheries crime and their sollution pptAshish sahu
What is fisheries crime?: Fisheries crime is an ill-defined legal concept referring to a range of illegal activities in the fisheries sector. These activities – frequently transnational and organized in nature – include illegal fishing, document fraud, drug trafficking, and money laundering.
Illegal fishing is a key driver of global overfishing, it threatens marine ecosystems, puts food security and regional stability at risk, and is linked to major human rights violations and even organized crime.
Bovill - the UK financial services regulatory consultancy - runs regular briefings. These are the slides from the February briefing on anti-money laundering. For more information visit http://www.bovill.com/FinancialCrime.aspx.
Information on the event is below:
Taking a company-wide approach to money laundering
“The FCA has made it very clear that responsibility for the overall culture of firms sits at the top. We need leaders and senior managers within the industry to set the tone for how their staff behave.”
Tracey McDermott, Director of Enforcement and Financial Crime, FCA
The regulator has recently reiterated their intention to carry out further thematic and enforcement work in financial crime. However, many firms still have a fragmented approach to managing the risks of money laundering.
The responsibility for preventing financial crime is shared across the firm from the back office to the boardroom. Firms need to take a company-wide approach to tackling money laundering to ensure they are complying with regulation and managing risks effectively.
Bovill’s briefing looked at Anti-Money Laundering (AML), covering:
• Governance arrangements: as the foundation for effective communication and issue resolution
• Risk management: the difficulties of negotiating the right level of due diligence for higher risk customers and what tools can be used to help with this process
• Systems and controls: ensuring that these are fit for regulatory purpose and are appropriately maintained within your firm.
Title: Spin Your CTI Process Round
Short Bio:Andreas Sfakianakis is a Cyber Threat Intelligence professional with over fifteen years of experience in cyber security. He focuses on applying threat intelligence and helping organizations manage threats mostly within the Energy, Technology, and Financial sectors as well as in European Union’s Agencies and Institutions. Andreas has been contributing to the CTI community since 2012 via public reports and presentations, his blog, newsletter, and instructing. His utmost goals are the maturing of threat management programs within organizations as well as the embedding CTI in policy making. Andreas Twitter handle is @asfakian and his website is threatintel.eu.
Abstract: Is your CTI team struggling to operationalize the CTI process? Don't worry, your team is not the only one! During the "CTI journey", CTI teams try out approaches and tools, hoping to give value to their organization. This is usually a trial and error process, and when not successful, it costs money and time for organizations and also demotivates CTI analysts.
This presentation will discuss some of the basic "baby" steps that CTI teams often neglect. We will be focusing on case management and intelligence workflows. Moreover, we will elaborate on how you can take advantage of the knowledge produced by the CTI team and provide meaningful metrics to the CTI team and the management. Finally, we elaborate on the essential ingredients for CTI teams in the early phases of their "CTI journey".
The key takeaway for the audience is the realization of some basic steps that a CTI team has to take to coordinate its workload better, build workflows, and better manage the CTI knowledge it produces. The audience will also be presented with real-world examples and implementations within corporate environments of such approaches. Ideally, we will give you some hints to spin your CTI process round!
Sanctions List Screening with World-Check and CaseWare Alessa
Get the most comprehensive sanctions list screening capability available today with CaseWare AML Compliance and the Thomson Reuters World-Check database.
WHAT IS CASEWARE AML COMPLIANCE?
As part of their anti-money laundering (AML) compliance programs, financial institutions and other organizations must take measures to ensure they are not doing business with sanctioned individuals, groups or countries. CaseWare AML Compliance is a solution that has Know Your Customer (KYC), transaction monitoring, sanctions list screening, and regulatory reporting capabilities in a single platform, allowing businesses to fulfill all key areas required by AML regulations.
By adopting this solution, compliance teams have at their fingertips advanced and configurable analytics, visualizations, workflows, alerts and case management capabilities. Organizations can identify high-risk individuals and entities; detect suspicious transactions; manage investigations and compliance risks through automated workflows; and electronically file reports to regulators.
THOMSON REUTERS WORLD-CHECK DATABASE
CaseWare AML Compliance is integrated with Thomson Reuters World-Check database, which currently includes more than 100,000 sources. Hundreds of global researcher analysts review more than 530 sanction, watch and regulatory law and enforcement lists in addition to thousands of other sources of information related to politically exposed persons (PEPs) and individuals and entities not found on official lists daily. This makes World-Check the most comprehensive and up-to-date sanctions list available today.
About Alessa, a CaseWare RCM product:
Alessa is a financial crime detection, prevention and management solution offered by CaseWare RCM Inc. With deployments in more than 20 countries in banking, insurance, FinTech, gaming, manufacturing, retail and more, Alessa is the only platform organizations need to identify high-risk activities and stay ahead of compliance. To learn more about how Alessa can help your organization ensure compliance, detect complex fraud schemes, and prevent waste, abuse and misuse, visit us at caseware.com/alessa.
Connect with us online:
Visit the Alessa WEBSITE: https://www.caseware.com/alessa/
Follow Alessa on LINKEDIN: https://www.linkedin.com/caseware-alessa
Follow Alessa on TWITTER: https://twitter.com/casewarealessa
SUBSCRIBE to Alessa on YouTube: http://tiny.cc/Alessa
Assessment of the measures to combat money laundering and the financing of terrorism and proliferation in Sweden: ratings, key findings and priority actions.
Assessment of the measures to combat money laundering and the financing of terrorism and proliferation in the Kingdom of Bahrain: ratings, key findings and priority actions.
ZGB - The Role of Generative AI in Government transformation.pdfSaeed Al Dhaheri
This keynote was presented during the the 7th edition of the UAE Hackathon 2024. It highlights the role of AI and Generative AI in addressing government transformation to achieve zero government bureaucracy
This session provides a comprehensive overview of the latest updates to the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (commonly known as the Uniform Guidance) outlined in the 2 CFR 200.
With a focus on the 2024 revisions issued by the Office of Management and Budget (OMB), participants will gain insight into the key changes affecting federal grant recipients. The session will delve into critical regulatory updates, providing attendees with the knowledge and tools necessary to navigate and comply with the evolving landscape of federal grant management.
Learning Objectives:
- Understand the rationale behind the 2024 updates to the Uniform Guidance outlined in 2 CFR 200, and their implications for federal grant recipients.
- Identify the key changes and revisions introduced by the Office of Management and Budget (OMB) in the 2024 edition of 2 CFR 200.
- Gain proficiency in applying the updated regulations to ensure compliance with federal grant requirements and avoid potential audit findings.
- Develop strategies for effectively implementing the new guidelines within the grant management processes of their respective organizations, fostering efficiency and accountability in federal grant administration.
Presentation by Jared Jageler, David Adler, Noelia Duchovny, and Evan Herrnstadt, analysts in CBO’s Microeconomic Studies and Health Analysis Divisions, at the Association of Environmental and Resource Economists Summer Conference.
Many ways to support street children.pptxSERUDS INDIA
By raising awareness, providing support, advocating for change, and offering assistance to children in need, individuals can play a crucial role in improving the lives of street children and helping them realize their full potential
Donate Us
https://serudsindia.org/how-individuals-can-support-street-children-in-india/
#donatefororphan, #donateforhomelesschildren, #childeducation, #ngochildeducation, #donateforeducation, #donationforchildeducation, #sponsorforpoorchild, #sponsororphanage #sponsororphanchild, #donation, #education, #charity, #educationforchild, #seruds, #kurnool, #joyhome
What is the point of small housing associations.pptxPaul Smith
Given the small scale of housing associations and their relative high cost per home what is the point of them and how do we justify their continued existance
Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos
Understanding the Challenges of Street ChildrenSERUDS INDIA
By raising awareness, providing support, advocating for change, and offering assistance to children in need, individuals can play a crucial role in improving the lives of street children and helping them realize their full potential
Donate Us
https://serudsindia.org/how-individuals-can-support-street-children-in-india/
#donatefororphan, #donateforhomelesschildren, #childeducation, #ngochildeducation, #donateforeducation, #donationforchildeducation, #sponsorforpoorchild, #sponsororphanage #sponsororphanchild, #donation, #education, #charity, #educationforchild, #seruds, #kurnool, #joyhome
1. Anti-money laundering and counter-terrorist financing measures in New Zealand - Mutual Evaluation Report – April 2021 1
Anti-money laundering and counter-
terrorist financing (AML/CFT)
measures in New Zealand
Fourth Round Mutual Evaluation
Key findings, ratings and priority actions
April 2021
http://www.fatf-gafi.org/publications/mutualevaluations/documents/mer-new-zealand-2021.html
2. Anti-money laundering and counter-terrorist financing measures in New Zealand - Mutual Evaluation Report – April 2021
Ratings – Effectiveness (1/3)
2
Immediate outcome of an effective system to combat money
laundering (ML) and terrorist financing (TF)
Extent to
which
New Zealand
has achieved
this objective
1. ML and TF risks are understood and, where appropriate,
actions co-ordinated domestically to combat ML and TF
Substantial
2. International co-operation delivers appropriate information,
financial intelligence, and evidence, and facilitates action
against criminals and their assets
High
3. Supervisors appropriately supervise, monitor and regulate
financial institutions and designated non-financial
businesses and professions (DNFBPs) for compliance with
AML/CFT requirements commensurate with their risks.
Moderate
4. Financial institutions and DNFBPs adequately apply AML/CFT
preventive measures commensurate with their risks, and
report suspicious transactions.
Moderate
3. Anti-money laundering and counter-terrorist financing measures in New Zealand - Mutual Evaluation Report – April 2021 3
Immediate outcome of an effective system to combat money
laundering (ML) and terrorist financing (TF)
Extent to
which
New Zealand
has achieved
this objective
5. Legal persons and arrangements are prevented from misuse
for money laundering or terrorist financing, and information
on their beneficial ownership is available to competent
authorities without impediments
Moderate
6. Financial intelligence and all other relevant information are
appropriately used by competent authorities for money
laundering and terrorist financing investigations.
Substantial
7. Money laundering offences and activities are investigated
and offenders are prosecuted and subject to effective,
proportionate and dissuasive sanctions
Substantial
8. Proceeds and instrumentalities of crime are confiscated. High
Ratings – Effectiveness (2/3)
4. Anti-money laundering and counter-terrorist financing measures in New Zealand - Mutual Evaluation Report – April 2021 4
Immediate outcome of an effective system to combat money
laundering (ML) and terrorist financing (TF)
Extent to
which
New Zealand
has achieved
this objective
9. Terrorist financing offences and activities are investigated
and persons who finance terrorism are prosecuted and
subject to effective, proportionate and dissuasive sanctions.
Substantial
10. Terrorists, terrorist organisations and terrorist financiers are
prevented from raising, moving and using funds, and from
abusing the non-profit sector.
Moderate
11. Persons and entities involved in the proliferation of weapons
of mass destruction are prevented from raising, moving and
using funds, consistent with the relevant United Nations
Security Council Resolutions.
Moderate
Ratings – Effectiveness (3/3)
5. Anti-money laundering and counter-terrorist financing measures in New Zealand - Mutual Evaluation Report – April 2021 5
Ratings – Effectiveness
April 2021
2
4
5
0
High
Substantial
Moderate
Low
6. 27-Apr-21
6
Ratings – technical compliance
(1/5)
AML/CFT POLICIES AND COORDINATION
1. Assessing risks & applying a risk-based approach LargLarLarLar Largely compliant
2. National cooperation and coordination ComCo Co Co Compliant
MONEY LAUNDERING AND CONFISCATION
3. Money laundering offence ComCo Co Co Compliant
4. Confiscation and provisional measures ComCo Co Co Compliant
TERRORIST FINANCING AND FINANCING OF PROLIFERATION
5. Terrorist financing offence LargLarLarLar Largely Compliant
6. Targeted financial sanctions related to terrorism & terrorist
financing LargLarLarLar Largely Compliant
7. Targeted financial sanctions related to proliferation PartiParParPar Partially compliant
8. Non-profit organisations LargLarLarLar Largely compliant
7. 27-Apr-21
7
Ratings – technical compliance
(2/5)
PREVENTIVE MEASURES
9. Financial institution secrecy laws ComCo Co Co Compliant
Customer due diligence and record keeping
10. Customer due diligence LargLarLarLar Largely compliant
11. Record keeping LargLarLarLar Largely compliant
Additional measures for specific customers and activities
12. Politically exposed persons Part ParParPar Partially compliant
13. Correspondent banking LargLarLarLar Largely compliant
14. Money or value transfer services Part ParParPar Partially compliant
15. New technologies LargLarLarLar Largely compliant
16. Wire transfers Part ParParPar Partially compliant
8. 27-Apr-21
8
Ratings – technical compliance
(3/5)
PREVENTIVE MEASURES (continued)
Reliance, Controls and Financial Groups
17. Reliance on third parties LargLarLarLar Largely compliant
18. Internal controls and foreign branches and subsidiaries Part ParParPar Partially compliant
19. Higher-risk countries Part ParParPar Partially compliant
Reporting of suspicious transactions
20. Reporting of suspicious transactions ComCo Co Co Compliant
21. Tipping-off and confidentiality ComCo Co Co Compliant
Designated non-financial Businesses and Professions (DNFBPs)
22. DNFBPs: Customer due diligence Part ParParPar Partially compliant
23. DNFBPs: Other measures Part ParParPar Partially compliant
9. 27-Apr-21
9
Ratings – technical compliance
(4/5)
TRANSPARENCY AND BENEFICIAL OWNERSHIP OF LEGAL PERSONS
AND ARRANGEMENTS
24. Transparency and beneficial ownership of legal persons Part ParParPar Partially compliant
25. Transparency and beneficial ownership of legal arrangements Part ParParPar Partially compliant
POWERS AND RESPONSIBILITIES OF COMPETENT AUTHORITIES AND
OTHER INSTITUTIONAL MEASURES
Regulation and Supervision
26. Regulation and supervision of financial institutions Part ParParPar Partially compliant
27. Powers of supervisors LargLarLarLar Largely compliant
28. Regulation and supervision of DNFBPs Part ParParPar Partially compliant
Operational and Law Enforcement
29. Financial intelligence units ComCo Co Co Compliant
30. Responsibilities of law enforcement and investigative authorities ComCo Co Co Compliant
31. Powers of law enforcement and investigative authorities LargLarLarLar Largely compliant
32. Cash couriers LargLarLarLar Largely compliant
10. 27-Apr-21
10
Ratings – technical compliance
(5/5)
POWERS AND RESPONSIBILITIES OF COMPETENT AUTHORITIES AND
OTHER INSTITUTIONAL MEASURES (continued)
General Requirements
33. Statistics LargLarLarLar Largely compliant
34. Guidance and feedback LargLarLarLar Largely compliant
Sanctions
35. Sanctions LargLarLarLar Largely compliant
INTERNATIONAL COOPERATION
36. International instruments LargLarLarLar Largely compliant
37. Mutual legal assistance LargLarLarLar Largely compliant
38. Mutual legal assistance: freezing and confiscation LargLarLarLar Largely compliant
39. Extradition LargLarLarLar Largely compliant
40. Other forms of international cooperation LargLarLarLar Largely compliant
11. Anti-money laundering and counter-terrorist financing measures in New Zealand - Mutual Evaluation Report – April 2021 11
Ratings – technical compliance
1
April 202
8
20
12
0
Compliant
Largely compliant
Partially compliant
Non compliant
12. Anti-money laundering and counter-terrorist financing measures in New Zealand - Mutual Evaluation Report – April 2021
Key findings
New Zealand has a robust understanding of its money laundering and
terrorist financing (ML/TF) risks. It has established a comprehensive
multi-tiered risk assessment process, with its national risk assessment
(NRA) undergoing two full cycles. National AML/CFT policies and
activities address identified ML/TF risks to a substantial extent.
Authorities have taken action to respond to emerging TF risks in the
context of a lower overall risk profile. Domestic co-ordination and co-
operation are strengths of New Zealand’s AML/CFT system.
New Zealand’s law enforcement agencies (LEAs) regularly use financial
intelligence. 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. However, New Zealand authorities could benefit from
better exploiting the potential of financial intelligence to detect criminal
activity by persons not already known to law enforcement.
12
1
April 202
13. Anti-money laundering and counter-terrorist financing measures in New Zealand - Mutual Evaluation Report – April 2021
Key findings
New Zealand identifies and pursues parallel money laundering
investigations alongside investigations of significant proceeds-
generating. Its authorities are adequately skilled and trained to
conduct financial investigations with a wide range of investigative tools
are available to them. Financial investigations are increasingly being
used to support prosecution on money laundering charges and the
number of prosecutions into ML have increased since 2018.
New Zealand Police has a strong focus on confiscation of proceeds of
crime, backed by a top-level target for the volume of criminal assets to
be restrained (NZD 500 million by 2021). The skilled Asset Recovery
Unit (ARU) works in co-operation with investigative authorities to
initiate parallel restraint and forfeiture proceedings in response to
identified crime and financial intelligence. New Zealand has pursued
international asset recovery cases that involve significant volumes of
inbound and outbound proceeds.
April 2021
13
14. Anti-money laundering and counter-terrorist financing measures in New Zealand - Mutual Evaluation Report – April 2021
Key findings
There is sound co-operation and co-ordination between New Zealand Police’s
National Security Group (NSG), Financial Crime Group (FCG) (including the
NZPFIU) and other relevant agencies on monitoring possible Terrorist Financing.
Following the 2019 Christchurch attacks, New Zealand demonstrated its
capacity and effectiveness in undertaking and supporting terrorism financing
investigations. New Zealand has not prosecuted any terrorism financing cases,
which is consistent with its generally low TF risk profile.
There is a strong legislative framework for the implementation of targeted
financial sanctions (TFS) without delay. However, reporting entities have a
variable understanding of TFS, due to limited guidance and outreach by
relevant authorities, as well as the lack of a mandate for supervisors to
undertake supervision of TFS implementation. No assets have been frozen in
New Zealand pursuant to TFS regimes. While this may be consistent with New
Zealand’s risk profile, it could also reflect the limited TFS guidance, and the lack
of outreach and supervision on TFS. New Zealand authorities have prosecuted a
contravention of export restrictions under UNSC DPRK sanctions.
14
1
April 202
15. Anti-money laundering and counter-terrorist financing measures in New Zealand - Mutual Evaluation Report – April 2021
Key findings
15
1
April 202
New Zealand covers financial institutions (FIs), designated non-financial
businesses and professions (DNFBPs) and most virtual asset service
providers (VASPs) as reporting entities under the Anti-Money Laundering
and Countering the Financing of Terrorism Act 2009 (AML/CFT Act). There
remain some gaps in the AML/CFT Act, which impact New Zealand’s overall
effectiveness. Reporting entities’ understanding and implementation of
their AML/CFT obligations is mixed, with a better understanding and
implementation in larger and more sophisticated reporting entities.
New Zealand’s three AML/CFT supervisors have a good understanding of
the inherent ML/TF risk profiles of their respective sectors. The scope and
depth of supervision for each financial sector are broadly commensurate
with their respective risk levels, except for the banking sector, where the
scope and depth of inspections does not adequately reflect the risk and
complexity of the banks inspected. There is scope to improve the range of
sanction powers available to the supervisors and for the supervisors to
impose sanctions that are more effective, proportionate and dissuasive.
16. Anti-money laundering and counter-terrorist financing measures in New Zealand - Mutual Evaluation Report – April 2021
Key findings
16
April 2021
Most DNFBPs were only brought within the scope of AML/CFT regulation
in 2018 as part of New Zealand’s ‘Phase 2’. The newly supervised Phase 2
reporting entities and VASPs are still developing their understanding of
their ML/TF risks and how AML/CFT obligations apply to their business.
The level of suspicious transaction report (STR) and suspicious activity
report (SAR) reporting by some DNFBPs remains low. AML/CFT supervision
for Phase 2 sectors is at an early stage but the rollout of new obligations
has been conducted in an effective and well-managed way so far.
New Zealand’s legal system provides for a wide range of legal persons and
arrangements, and authorities have a comprehensive understanding of the
ML/TF risks associated with them. In recent years, New Zealand has
implemented measures to mitigate the ML/TF risks of misuse of legal
persons and arrangements, including the creation of a register of New
Zealand Foreign Trusts, and residency requirements for company directors.
However substantial gaps remain in relation to ensuring the availability of
adequate, accurate and current beneficial ownership information, and in
relation to nominee directors and shareholders.
17. Anti-money laundering and counter-terrorist financing measures in New Zealand - Mutual Evaluation Report – April 2021
Key findings
17
April 2021
Authorities actively respond to formal and informal international
co-operation requests. New Zealand has a sound legal basis to
provide and seek MLA and extradition. Several different competent
authorities are involved in handling extradition requests and there
is no clear authority with primary responsibility. New Zealand has
received positive feedback from counterparts concerning the
quality and timeliness of assistance provided. LEAs and supervisors
also engage in various forms of international co-operation with
counterparts.
18. Anti-money laundering and counter-terrorist financing measures in New Zealand - Mutual Evaluation Report – April 2021
Priority Actions for New Zealand
to strengthen its AML/CFT System
Improve the availability of accurate and up-to-date beneficial
ownership information on legal persons, particularly limited liability
companies and partnerships, and domestic trusts, and take steps to
mitigate the ML/TF risks of nominee shareholders and directors.
Ensure that supervisors have a sufficient range of proportionate and
dissuasive sanctions available, and that RBNZ has adequate resources
to apply the appropriate scope and depth of supervision to banks.
Give clear powers and mandates to appropriate agencies to supervise
and enforce TFS obligations, supported by outreach to reporting
entities, a point of contact for TFS-related queries, and enhanced
dissemination of updates to sanctions lists.
Consolidate implementation of Phase 2 of the AML/CFT Act, including
by further developing DNFBPs’ understanding of their risks and
obligations; ensuring that they are registered with the FIU reporting
system and submit reports; and progressing towards a mature
supervision regime for these sectors.
18
April 2021
19. Anti-money laundering and counter-terrorist financing measures in New Zealand - Mutual Evaluation Report – April 2021
Priority Actions for New Zealand
to strengthen its AML/CFT System
Improve the FIU’s tools for prioritisation, database integration and
analysis of financial intelligence to enhance its ability to directly
identify new targets and trends. Conduct outreach to enable LEAs
to make more use of FIU proactive financial intelligence products to
launch investigations into new targets.
Update New Zealand’s laws and regulations to address gaps and
vulnerabilities including: shortcomings relating to licensing and
registration of FIs and DNFBPs; gaps in preventive measures
(particularly for MVTS); and the authorisation of essential human
needs for sanctioned individuals.
Take steps to sustain the recent increase in money laundering
prosecutions, by monitoring trends and outcomes through better
data and statistics and considering development of ML prosecution
guidelines.
19
April 2021