March 18 2018
More than $1.35 billion-worth of illicit funds from fraud, tax offending and drug trafficking is ending up in New Zealand every year to be laundered, according to a new report from the NZ Police Financial Intelligence Unit.
And this number doesn’t include money generated from overseas proceeds of crime, which could make the figure significantly higher.
The International Monetary Fund estimates approximately 2-to-5 per cent of global gross domestic product ($3.5 trillion-$8.8t) is proceeds of crime.
