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.

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.

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.

As millions of people were forced to find new ways to pay rent, the adult content site, OnlyFans, peaked in popularity – quickly becoming a household name and one of the most popular money-making platforms in the world.

New Zealand is a great place to do business. And we all want to keep it that way. That's exactly why, in 2013, the Government brought the Anti-Money Laundering and Countering Financing of Terrorism Act into full force.