New Zeland: Booming property market helps $1.6b in money laundering

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September 9 2016

Tougher obligations on lawyers, accountants and real estate agents could help turn off the tap, officials told Justice Minister Amy Adams in March, according to documents obtained by the New Zealand Herald.  “Recent police investigations show that these sectors are closely linked to organised crime and drug offending, and the risk of money laundering from these sectors is rising,” the Criminals had successfully purchased property with ill-gotten gains in more than half of 57 cases where police had confiscated assets, they said.

The ministry warned maintaining the status quo would put New Zealand’s reputation at risk ahead of a evaluation by the intergovernmental Financial Action Taskforce in 2019-20.