National Money Laundering and Terrorism Financing Risk Assessment
Money is the driving factor in a range of crimes including; drug distribution, fraud, theft, corruption, tax offending, human trafficking, cybercrime, and environmental crimes. Terrorists are also dependent on financial support. These crimes cause direct financial losses to individuals, community harm, and in some cases loss of human life. Successful money laundering allows criminals to enjoy profits and furthers the cycle of criminality by making funds available for reinvestment in crime. High profile money laundering and criminality cases also cause reputational damage, particularly on New Zealand’s brand as a good place to do business.
Businesses operating in the financial, legal, property, and high value goods markets are at the frontline for countering illicit activity in New Zealand. Businesses that implement measures to prevent, disrupt and detect crime make a significant contribution to the global fight against crime, money laundering, weapons proliferation and terrorism. The Anti-Money-Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009 envisages a cooperative relationship between the private sector and government agencies to effectively prevent and disrupt illicit use of New Zealand’s financial system.