Formal warnings issued by Department of Internal Affairs in money laundering crackdown

3:36 pm today

Internal Affairs

Photo: RNZ / Alexander Robertson

The Department of Internal Affairs is cracking down on anti-money laundering, issuing multiple coordinated formal warnings for the first time.

The DIA has issued warnings to 10 reporting entities for failing to conduct independent audits of their measures to counter money laundering and financing of terrorism.

The department detected the non-compliance of the companies, which include six law firms and one real estate agency, during its thematic review.

Laura Olsen, the acting director for AML/CFT at DIA, said: "Today's action signals a clear expectation that reporting entities must comply with their legal obligations. These exist to protect us from financial crime, by helping us spot gaps in the system that could allow dirty money to slip through."

She added: "Many crimes tied to money laundering harm ordinary people."

The warnings were sent to the below companies:

Singhs Lawyers - Law firm

Robertsons Associates Limited - Law firm

Mangere Law Limited - Law firm

Flexi Online New Zealand Limited - Payment provider

Countryman Realty Limited - Real estate agency

Cook North & Wong Limited - Accounting service provider

Castleview Law Limited - Law firm

Wilton Finance Limited - Non-bank non-deposit taking lender

FC Law Partners - Law firm

Woodroffe Lawyers - Law firm