Anti-Money Laundering Articles

Foreign Beneficial Owners need to be registered – New Zealanders already are!

New Zealand already has a central register of company details about beneficial ownership which is a publicly accessible online for any person, organisation and for law enforcement anywhere in the world. It is the only register in the world that is completely free to search and almost all of the company details are online.

Blockchain – Fad or Fail?

“Blockchain is a distributed ledger technology with the power to change the world. That doesn’t just mean banking, business, legal services and supply chains but the way all of us buy and sell, control our assets and live our lives.” – Judy Wilford – Blockchain for beginners.

Proposed transparency of beneficial ownership

Consumer Affairs Minister, Kris Faafoi, is working on law changes aimed at cracking down on overseas criminals potentially misusing companies in New Zealand.

According to Minister Faafoi, the goal is to curb money-laundering and the ability of overseas based criminals to use New Zealand’s well-regarded companies register to conceal some of their business. “Certainly we’re cracking down on beneficial ownership and figuring out who the beneficial owners are of companies that are registered here in New Zealand…

The importance of culture with AML/CFT Phase 2

Nicholas was involved in the development of the ‘Phase 2’ legislation as a member of the New Zealand Police Financial Intelligence Unit.

New Zealand is adopting new money laundering and terrorist financing preventative measures. The Phase 2 implementation programme – which extends existing Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) legislation – introduces new reporting entities into a compliance regime.

Anti-money Laundering: Next Steps after Phase 2

Phase 2 of the Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) regime compliance begins taking affect from 1 July 2018.

Phase 2 extends the AML/CFT regime to lawyers, conveyancers, accountants, real estate agents, sports and race betting, and certain high value dealers. Sectors are affected in stages, with lawyers and conveyancers required to comply starting from 1 July 2018,

Investigative journalists find suspicious foreign trusts in New Zealand

New Zealand remains vulnerable to the flow of illicit offshore assets. An Auckland company is caught up in an international money laundering controversy after it was identified helping to manage a network of New Zealand-registered companies and trusts for its secret clients.

“This article is striking. The amount of money involved and the newness of this activity are a strong signal that more needs to be done to prevent New Zealand trusts and companies from laundering foreign assets acquired under suspicious circumstances. We are left wondering just how much corrupt wealth is sheltered through New Zealand,” says Suzanne Snively, Chair of Transparency International New Zealand.fully transparent.

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More dirty laundering in New Zealand

Investigative journalist members of the ‘Daphne Project’ have recently linked an Auckland wealth management company, Denton Morrell, with an international money laundering controversy. (See Transparency International New Zealand (TINZ) media release on 20 April 2018)

As reported by RadioNZ,

Report on Money Laundering and Financing Terrorism warns against complacency

In its updated assessment the New Zealand Police Financial Intelligence Unit (FIU) said $1.35 billion of domestic criminal proceeds is generated for laundering in New Zealand each year.

While the new requirement under the anti money laundering and counter terrorism act to be implemented in July will further assist the prevention of money laundering for terrorist and other criminal purposes financial transactions are not the only identifier of criminal intent. The Government needs to pass with urgency the bill that will identify beneficial ownership of trusts followed quickly with an amendment to cover all legal entities used by overseas sources and with the register fully transparent.

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EU breakthrough in the fight against money laundering

On 15 December 2017, the European Union (EU) took action to increase the transparency of companies through a public register of beneficial ownership. This breakthrough will allow the public to see who ultimately controls shell companies and other opaque structures which is a critical step to prevent and detect corruption, tax evasion and money laundering.

European Parliament and the Council reached a political agreement on the European Commission’s proposal to further strengthen EU rules on anti-money laundering and counter terrorist financing. A key aim of this revision of the Fourth Anti-Money Laundering Directive is to increase transparency on who really owns companies and trusts by establishing beneficial ownership registers.

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Global shockwaves from bombing of Maltese journalist, Daphne Caruana Galizia

It is with huge dismay that we learn of this tragic event.

On 16 October, Maltese investigative journalist Daphne Caruana Galizia, 53, wrote her last post on her  ‘Running Commentary’ news blog.

Less than an hour later, she was murdered in a car bomb attack.