Following the Money Across Borders
What does a New Zealand financial services company have to do with a sanctioned Belarusian oligarch and a bank in Vanuatu?
At first glance, not much. Yet two recent articles by the Organized Crime and Corruption Reporting Project (OCCRP) examining the activities of New Zealand-based financial services company Worldclear demonstrate how today's financial networks can connect people, companies, and institutions across multiple jurisdictions. They also show how investigative journalists and anti-corruption advocates are working together to shine a light on activities that might otherwise remain hidden from public view.
Reporters found no evidence to show Worldclear knowingly engaged in or facilitated criminal offending and Worldclear’s founder has denied any wrongdoing by himself or the firm. However, Tthe Worldclear example case raises questions about the effectiveness of New Zealand’s regulations and controls over financial services providers and the handling of high risk transactions by some New Zealand financial service providers.
Two recent OCCRP articles on Worldclear provide an example of the complexity of following the money across borders this work in practice. The first, Inside the Tiny New Zealand Firm that Transferred Millions for High-Risk Clients, examined Worldclear's role in facilitating transactions for high-risk clients. A follow-up article published in June, Leaked Files Raise Questions Over Millions Flowing to Belarusian Tycoon, explored documents suggesting connections between the company, a bank in Vanuatu, and transactions involving a sanctioned Belarusian oligarch. Views expressed in those articles are solely the views of OCCRP. Worldclear was removed from the Financial Service Providers Register in 2019.
The Organized Crime and Corruption Reporting Project (OCCRP) is a global network of investigative journalists that specialises in uncovering organised crime, corruption, money laundering, and hidden financial relationships. Through cross-border reporting and data-driven investigations, OCCRP has become one of the world's leading investigative journalism organisations.
The Global Anti-Corruption Consortium (GACC) is a partnership between OCCRP and Transparency International that connects investigative journalism with anti-corruption advocacy. By bringing together journalists, civil society organisations, and legal experts, GACC helps ensure that evidence uncovered through reporting can contribute to accountability and reform.
Together, the articles illustrate the type of cross-border investigative reporting required to follow financial activity that spans multiple jurisdictions and legal systems.
