Proceeds of Crime Act NZ
In 2009, the Proceeds of Crime Act was updated and renamed to the Criminal Proceeds Recovery Act. It enables the confiscation of assets, goods, and property which have a suspected connection with criminal activity.
The purpose of this act is to:
- Reduce the opportunity for a person to profit from criminal activity.
- Reduce the opportunity for criminal groups and organisations to expand their operations.
- Allow New Zealand to deal with foreign forfeiture orders.
The main issue with the Criminal Proceeds Recovery Act is that it allows for the forfeiture of assets without a conviction.
Helpful Information & Resources
The Anti-Money Laundering and Countering Financing of Terrorism Act requires New Zealand businesses to actively dectect and prevent money laundering operations.