$1.3B laundered through NZ each year

Thursday, November 28th, 2019

New Zealand is awash with dirty money but how much is anyone’s guess.

A new report by the New Zealand Police Financial Intelligence Unit (FIU) estimates domestic criminal activity is generating $1.35 billion for money laundering each year.

Most of it comes from drug offending ($750m), fraud ($500m) and other offences such as burglary ($100m).

But the estimates exclude tax offending or laundering of money from overseas criminal activity. And the actual amount laundered domestically is likely to be much higher once it’s been washed through multiple transactions to hide its source and provide legitimacy. Continue reading

Additional reading

News category: New Zealand, News Shorts.

Tags: Drug offending, Money laundering

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