The Department’s view is that, with the exception of payments for your professional fees, any instance where you receive or hold client funds and control the payment of those funds will be captured as ‘managing client funds’.
Read MoreA meth dealer's boasts to an undercover cop triggered a new police investigation into his father's financial affairs and a three year legal battle over $10 million and 15 commercial properties in Gisborne.
Read MoreThe cost of implementing a raft of new laws has cost the real estate industry tens of millions of dollars, the Real Estate Institute says.
Read MoreA money transfer company has been fined $4 million for repeated non-compliance with anti-money laundering legislation.
Read MoreIn recent audits of law firms we established that they were not conducting customer due diligence when anticipated disbursements were received in advance. The cause for this appeared to be advice received from external consultants deeming this to not be a captured activity.
Read MoreThe FMA (one of the three AML/CFT Supervisors) published their monitoring report in April 2019 and commented on the requirement for Reporting Entities (REs) to undertake PEP and Sanction checks. This requirement would extend to all REs.
Read MoreDIA has reminded reporting entities that DIA does not endorse private sector AML services.
Read MoreThis is a sad case of someone who got involved in setting up structures to help the world’s elite hide and launder money which ended here in New Zealand with its founder passing away on 9 June 2019. We thought long and hard about publishing this story but thought it serves as a warning to others.
Read MoreA 41-year-old lawyer is charged with eight counts of laundering more than $2.4m and is accused of participating in the organised criminal group.
An Auckland accountant was also arrested as part of the raids. The 40-year-old, who is accused of laundering $275,000 in cash and cocaine possession, will appear in court again in July.
Read MoreThe FMA issued its AML/CFT 2018 Annual Monitoring Report (published April 2019) that covers the period 1 July 2016 to 30 June 2018. We recommend that all reporting entities read this as the same issues will be found across all segments covered by the AML/CFT regime.
Read MoreThe recent media reporting on Operation Nova, a Police investigation into the Comanchero gang, is a timely reminder of the importance of our anti-money laundering measures. During the investigation, Police restrained $3.7 million of assets under the Criminal Proceeds Recovery Act alleged to be the proceeds of crime.
Read MoreNew Zealand is something of a dark horse in the world of offshore finance with "very clear, intentional and excited" use of NZ as a clean tax haven evident, says Will Fitzgibbon
Read MoreFour people from an international drug smuggling syndicate have been arrested after police found 11 kilograms of methamphetamine worth $5.5 million stashed inside cooking appliances.
Read MoreThe shell companies involved were registered by accountants and the individuals involved in the drug importations.
Read MoreAML/CFT Supervisors Inspections, Audits, Document Review and Annual AML/CFT Reports
Read MoreThe report focuses on Hong Kong, Singapore, South Korea, Australia, New Zealand and South Africa, with illegal betting growing faster than legal gambling in all of those jurisdictions.
Read MoreCriminals are using the hugely popular video game Fortnite to launder money through its in-game currency.
Read Moreillegitimate earnings from drug supply were commingled with whatever legitimate earnings the businesses made
Read MoreA stash of guns, $2.5m cash and 2kg of meth have been found at a Te Atatu property by police who were called to break up a couple of men fighting with golf clubs.
Read MoreCustoms investigators seized 1.8 million smuggled cigarettes and five rubbish bags stuffed with $2 million in cash.
Police have also restrained multiple properties, luxury cars and bank accounts.
The tax evaded by smuggling the 1.8m cigarettes is almost $1.8m.
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