There are tools and steps that can be utilised to prevent Money Laundering; These tools come in the form of anti-money laundering (or “AML”) policies. AML policies and tools work to strategically counter money laundering by preventing criminals from disguising these illegally obtained funds as legitimate ones. Money laundering has adverse consequences on society as it often facilitates corruption, crime and other illegal activities at the expense of a country’s development.

Money laundering isn't just something criminals do on TV or in movies. It's estimated that more than $1 billion is generated from criminal activity and laundered through New Zealand businesses each year. Implementing AML practices is key to preventing and detecting money laundering and meeting your obligations under the AML/CFT Act.

The Anti-Money Laundering and Counter Financing of Terrorism Act 2009 (AML/CFT Act) is designed to prevent criminals from using banks, financial institutions, and other businesses to hide their ill-gotten gains. The purpose of the Act is to stop criminals from using the financial system for criminal activity, such as drug trafficking and money laundering. In this article, we’ll look at the rules you need to follow and the measures you need to put in place to achieve compliance with these rules.

Over recent years, the crypto ecosystem has grown exponentially. As a result, the virtual asset sector has become one of the most fast-moving and technologically dynamic sectors in the financial world. Defined as “a digital representation of value that can be digitally traded or transferred, and can be used for payment or investment purposes”, virtual assets (including cryptocurrency and Bitcoin, for example), have provided a powerful new tool for financial criminals to move and store illicit funds.

The objective of an effective AML Compliance Programme is to mitigate financial risks for your organisation. So, to help you get started, we have put together a guide of what you need to consider when implementing an AML Compliance Programme in your organisation.

For the uninitiated, money laundering is the process of making the proceeds of criminal activity appear to have been legally obtained. Simply put – it takes money that was made illegally and makes it appear legal. It is important to acquaint a business with the implications of money laundering as this financial crime negatively impacts society, as well as legitimate business interests by allowing harmful criminal activity to thrive.

Read on to see how the European Union and the US, as well as major international bodies, have imposed sanctions simultaneously to isolate Russia in the hopes of preventing escalation.

There are three main methods that terrorist financers use to transform the financial proceeds of crime into legitimate funds.