New Zealand

New Documents

The Swiss Federal Council announced that the National Cybersecurity Centre of the Federal Department of Finance will become a federal office.  

The New York State Department of Financial Services shared a proposed regulation to establish additional licensing procedures for virtual currency businesses.

News

Enforcement Actions

The Office of the Attorney General of Switzerland issued a CHF 4 million penalty against the Swiss company for failing to take necessary and reasonable organizational actions in order to prevent bribery payments to foreign officials in South Africa.

The U.S. Securities and Exchange Commission ordered the Zurich, Switzerland-based electrification and automation technology company to pay a $75 million civil monetary penalty, $58 million in disgorgement, and prejudgement interest of $14,554,267 for violating the Foreign Corrupt Practices Act.


Key Documents

Important Facts

  • The U.S. State Department identifies New Zealand as a monitored jurisdiction. The jurisdiction is not a major regional or offshore financial center and money laundering cases are infrequent. However, authorities note it is difficult to estimate the extent of money laundering because every serious crime that generates proceeds could lead to a money laundering offense. Money laundering generally occurs through the financial system, but the purchase of real estate and other high value assets as well as the use of foreign exchange dealers have become increasingly popular methods of laundering money. Narcotics proceeds from methamphetamine and cannabis sales and fraud-associated activity, mainly online banking fraud, are the primary sources of illicit funds. International organized criminal elements, mostly from Asia, are known to operate in New Zealand, but not extensively. New Zealand is a low threat environment for terrorist finance. The country has a small number of casinos, which operate gaming machines and a variety of table games.
  • KYC Covered Entities:  Banks, exchange offices, and money service businesses; credit card companies; mortgage lenders; casinos; securities brokers/dealers; safekeeping providers; asset and individual or collective portfolio managers; and life insurance or other investment-related insurance entities
  • STR Covered Entities: Banks, exchange offices, and money service businesses; credit card companies; mortgage lenders; casinos; securities brokers/dealers; safekeeping providers; asset and individual or collective portfolio managers; and life insurance or other investment-related insurance entities
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: Yes
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 12 (July 1, 2014 – June 30, 2015); Convictions: 2 (July 1, 2014 – June 30, 2015)
-Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 8 High : 2
Largely Compliant : 21 Substantial : 4
Partially Compliant : 11 Moderate : 5
Non-Compliant : 0 Low : 0

New Zealand's technical compliance was re-rated in a May 31, 2022 follow-up report

BASEL i

Rank : 10/110
Score : 3.53/10

TRANSPARENCY INTERNATIONAL i

Rank : 1/179
Score : 88/100

Tax Justice Network i

Rank : 57/133
Score : 59/100