Suspicious transactions down more than 70 percent
Dirty money is harder to clean in New Zealand’s casinos these days, thanks to the country’s Anti-Money Laundering and Counter Financing of Terrorism Act, introduced in 2009 and enacted in July 2013. With stricter requirements and more thorough reporting, suspicious transaction reports have plummeted from an average of more than 100 per month in the three years between 2010 and 2013 to an average of 28 per month ever since—a drop of about 73 percent.
According to NZTV.com, New Zealand’s six casinos are eager to cooperate with the terms of the act, partly because there are harsh penalties for non-compliance.
A Department of Internal Affairs spokesperson said the industry has been “proactive towards meeting their AML/CFT obligations. The casinos have risk assessments and programs and policies established which help them detect and deter money laundering and financing of terrorism.”
A SkyCity spokesperson said that company, which owns four of New Zealand’s six casinos, “acknowledges the importance of discharging its obligations effectively in this area.”
Detective Inspector Stu Mills said criminals will still try to funnel cash through casinos. “In the criminal environment, cash is still king,” he says. “This exposes a weakness and presents opportunities for law enforcement agencies and the business world to work together in the identification of money laundering.”
