New_Zealand New Zealand

New Documents

U.S. Deputy Secretary of the Treasury Wally Adeyemo delivered remarks at the Council on Foreign Relations on the eve of the second anniversary of Russia’s illegal invasion of Ukraine.

HM Treasury’s Office of Financial Sanctions Implementation issued an amended version of General Licence INT/2023/3626884, which allows sanctioned persons to make certain payments to Companies House.

News

Enforcement Actions

India’s Financial Intelligence Unit penalized the Odisha, India-based bank for failure to adhere to its anti-money laundering obligations under the Prevention of Money Laundering Act, 2002.

India’s Financial Intelligence Unit imposed a monetary fine on the Odisha, India-based bank for failure to adhere to its anti-money laundering and counterterrorist financing obligations.


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