The New Zealand Financial Intelligence Unit (FIU) provides financial intelligence relating to suspicious transactions/activity, money laundering, the financing of terrorism and other serious offences. The FIU fulfils the functions and exercises powers of the Commissioner of Police as set out in the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act). 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 serious crime.
In particular the FIU collects and collates information provided by external parties and reporting entities, banks and other financial institutions. After analysis, 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.
How the FIU collects information
The FIU collects information in five main report types:
- Suspicious Activity Reports (SAR) (from 1 July 2018)
- Suspicious Transaction Reports (STR)
- Prescribed Transactions Reports (PTR)
- Suspicious Property Reports (SPR)
- Border Cash Reports (BCR)
Reports are submitted to the FIU using the goAML Web application. More information about goAML Web, the Financial Intelligence Unit reporting tool is available here.
What the FIU does with reported information
The FIU produces intelligence products containing information, references and recommendations based on analysis of reports and other information received. These products assist with investigations into money laundering, financing of terrorism and other serious offences.
Intelligence products are supplied to a range of FIU clients, including:
- Police Districts and Service Centres
- New Zealand Customs Service
- Sector Supervisors
- Inland Revenue Department
- Police Liaison Officers
- overseas FIUs
- other external & government agencies.
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.
The FIU services
The services of the FIU allow the Police Commissioner to fulfil the requisite functions under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act). These services, as set out in section 142 of the AML/CFT Act, are to:
- receive suspicious transaction reports, prescribed transactions reports and suspicious activity reports
- produce guidance material, including
- typologies of money laundering and financing of terrorism transactions
- information for reporting entities on their obligations to report suspicious and prescribed transactions/activities and how to meet those obligations
- provide feedback to reporting entities on the quality and timeliness of their suspicious and prescribed transactions/activity reporting
- enforce requirements to provide suspicious and prescribed transactions and activity reports
- analyse suspicious and prescribed transactions/activity reports to assess whether any should be referred to investigative branches of the New Zealand Police and to other law enforcement agencies for criminal investigation
- refer to investigative branches of the New Zealand Police and to other law enforcement agencies any suspicious and prescribed transactions/activity reports that, in the view of the Commissioner, indicate grounds for criminal investigation
- refer suspicious and prescribed transactions/activity reports and feedback provided to reporting entities (on any suspicious and prescribed transactions/activity) reports to AML/CFT supervisors
- receive, analyse, and (if appropriate) refer to law enforcement agencies any border cash reports
- receive, analyse, and (if appropriate) refer to law enforcement agencies any suspicious property reports
- produce risk assessments relating to money laundering offences and the financing of terrorism to be used by the Ministry (currently the Department of State), the Ministry of Justice, AML/CFT supervisors and the New Zealand Customs Service
- co-operate with the Ministry (currently the Department of State), the Ministry of Justice, AML/CFT supervisors, the New Zealand Customs Service and any other relevant agencies to help ensure the effective implementation of the requirements under this Act and regulations.
For further information about the FIU services, please submit the Financial Intelligence Unit and goAML contact form.