More than $1 billion is laundered in NZ every year: Police123rf More than $1.35b is estimated to be laundered for drug and fraud offending each year. Overseas criminals seeking to mask their illicit funds are laundering an estimated $1.35 billion at least through New Zealand each year, according to the boss of the New Zealand Police's Financial Intelligence Unit (FIU). FIU manager Andrew Hill said the report highlighted the potential economic and reputational damage associated with money laundering and financing of terrorism. "Even in a comparably safe country like ours, money laundering and terrorism financing harms communities by enabling organised crime to flourish," Hill said. The chairwoman of Transparency International NZ, Suzanne Snively, said there needed to be more transparency of ownership of New Zealand companies and trusts.

Source: Stuff March 18, 2018 23:34 UTC