New Zealand

Featured New Zealand

TSB agrees to $3.85m penalty for money-laundering failures

TSB has agreed to pay $3.85 million in penalties after acknowledging it failed to comply with rules designed to prevent the bank being used for money-laundering. TSB and the Reserve Bank, which polices anti-money laundering (AML) rules, presented the settlement for approval by the High Court in Wellington on Thursday,… Read More

Chinese-Canadian businessman Xiao Hua Gong cuts record-breaking $70m deal with New Zealand police over frozen assets

A wealthy Chinese-Canadian businessman has agreed to forfeit more than $70 million by cutting a record-breaking deal with the New Zealand police. Three years ago, the bank accounts of Xiao Hua Gong in New Zealand were frozen as part of a global investigation into his finances. The businessman had built… Read More

Asia-Pacific Drug Trade Thriving as Gangs Make Billions in Profits, UN Says

Asia’s drug lords have established new manufacturing hubs and maritime trafficking routes to ramp up the supply of methamphetamine across the Asia-Pacific, the United Nations crime agency said Thursday. The value of the drug trade in the region is estimated between $30.3 billion and $61.4 billion, the agency said. Seizures… Read More
8th June 2021
U.S. and Australian authorities hacked into an app used by criminals to read millions of encrypted messages, leading to hundreds of arrests of suspected organised crime figures in 18 countries, Australian officials said on Tuesday. “Operation Ironside” by Australian police and the U.S. Federal Bureau of Investigation ensnared suspects in… Read More
7th June 2021
Australia is expanding an investigation into casinos over a potential breach of money laundering laws. Owners of the main casinos in Australia’s five biggest cities are now under formal investigation. National Australia Bank (NAB) and casino operators Crown Resorts, Star Entertainment Group and SkyCity Entertainment Group have all been included. Read More
27th May 2021
The Reserve Bank is taking TSB Bank to court for breaching anti-money laundering laws. The central bank has filed claims in the High Court against TSB for failing to fix faults in its systems that it was warned about in 2016. Deputy RBNZ governor Geoff Bascand said despite the early… Read More
21st May 2021
The international anti-money laundering standard setter has criticised the Reserve Bank of New Zealand (RBNZ) for failing to supervise the banking sector adequately, despite an overwhelmingly positive national review. The Financial Action Task Force’s (FATF) latest mutual evaluation report revealed the central bank has just five full-time staff dedicated to… Read More
17th May 2021
A $3.6 million home overlooking Ladies Bay Beach in the Auckland suburb of St Heliers was swarmed by the Armed Offenders Squad on the morning of March 17 as the property was seized and its occupants arrested. A total of $6000 found on the property and $200,000 worth of jewellery… Read More
4th May 2021
The only way to explain the large amounts of cash floating around a group of men visiting New Zealand is the importation of kilograms of cocaine, says the Crown. Aleksandr Cherushev, Patryk Lukasz Lukasik and Ryszard Wilk have denied charges including importing and supplying cocaine, conspiracy to supply, and… Read More
13th April 2021
The Reserve Bank of New Zealand (RBNZ) said on Tuesday it was expanding its regulatory resources with a new standalone enforcement department focusing on compliance in the banking, insurance and anti-money laundering sectors. The new department and the bank’s separate supervision team will work closely to achieve compliance goals, RBNZ… Read More
17th March 2021
Detective Inspector Lloyd Schmid said 12 warrants were carried out by the Financial Crime Group. More than $10 million worth of assets including four properties and three vehicles in St Heliers, Kumeu and New Lynn, and $200,000 worth of jewellery, were seized. Police also restrained 23 bank accounts, as well… Read More
16th March 2021
Imagine for a moment the world of organized crime in Southeast Asia, and you may picture meth labs, human-trafficking rings, or the billion-dollar trade in endangered species. But lately law enforcement has noticed the oddest of goods circulating in the underworld: plastic junk such as bottles, candy wrappers and… Read More
1st March 2021
A national 80-branch real estate agency Property Brokers got the first formal warning in the real estate sector for not complying with anti-money laundering law but the chain’s chairman Tim Mordaunt said the state only was trying to make an example of them. Te Tari Taiwhenua Department of Internal Affairs… Read More