NZ Financial Intelligence Unit (FIU)
The Financial Intelligence Unit (FIU) sits within the Financial Crime Group framework and is mandated to assist with the detection and investigation of money laundering, terrorism financing and other offences.
The FIU collects, analyses and disseminates financial information received under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. These functions are undertaken on behalf of the Commissioner of Police.
The FIU helps the New Zealand government fulfil its obligations to the inter-governmental Financial Action Task Force (FATF), the government's organised crime strategy and the prevention and detection of acquisitive crime.
In particular the FIU collects and analyses information provided by external parties and reporting entities. Intelligence products are sent to other investigative and intelligence units within the New Zealand Police, other government agencies, sector supervisors, domestic partner agencies and to relevant international agencies.
The FIU receives information from Reporting Entities (REs) in the following forms:
Suspicious Activity Reports (SARs) which detail a narrative of the specific circumstances and reason for suspicion. SARs may or may not involve financial transactions and includes a synopsis of why the activity is considered suspicious.
Prescribed Transaction Reports (PTRs), including cash transactions of $10,000 or more involving physical currency, and international wire transfers of $1000 and above.
Border Cash Reports (BCRs) which are required to be completed by all persons who conduct cross-border transportation of any cash valued over NZ$10,000.
Based on this information, the FIU develops a range of intelligence products regarding criminal threats to the financial system. These products are then disseminated to Police Districts and other law enforcement agencies for further investigation.
Reports are submitted to the FIU using the GoAML Web application.
The FIU has a responsibility under the AML/CFT Act to produce guidance material for reporting entities in relation to their suspicious and prescribed transaction/activity reporting obligations and about the methods and techniques used in money laundering and financing of terrorism.