Money laundering worth $1.35 billion a year, NZ Police says

Mon, 19 Mar 2018

By Nikki Mandow March 19 (BusinessDesk) - 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 percent of global gross domestic product (NZ$3.5 trillion-NZ$8.8 trillion) is pro...

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