New Zealand

New Documents

The U.S. filed an indictment in the Middle District of Georgia that charges Erica Montgomery, Sandra Anderson, Leo Frank Thomas, Yolanda Thomas, Dorothy Webb and Kristina Parker with allegedly participating in a scheme to defraud U.S. student loan programs of more than $12 million.

The British Virgin Islands issued the Lebanon (Sanctions) (Overseas Territories) Order 2020, which modifies the sanctions against Lebanon pursuant to the Sanctions and Anti-Money Laundering Act 2018.

News

Enforcement Actions

The Office of Foreign Assets Control of the U.S. Treasury Department and the Omaha, NE-based multinational conglomerate holding company entered into a settlement concerning the company’s potential civil liability for trade-related transactions and exports to Iran in violation of U.S. sanctions.

The Financial Crimes Enforcement Network assessed a $60 million civil money penalty against Larry Dean Harmon, the founder and primary operator of Helix and Coin Ninja, for violations of the Bank Secrecy Act and related implementing regulations.


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

Technical Effectiveness
Compliant : 8 High :
Largely Compliant : 17 Substantial :
Partially Compliant : 6 Moderate :
Non-Compliant : 18 Low :

BASEL i

Rank : 135/141
Score : 3.24/10

TRANSPARENCY INTERNATIONAL i

Rank : 1/180
Score : 87/100

Tax Justice Network i

Rank : 57/133
Score : 59/100