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New Zealand struck off EU banking ‘white list’

Posted by te2ataria on May 17, 2012

Money laundering and terrorism financing rife in New Zealand

New Zealand has been removed from a prestigious European Union banking and corporate “white list” because of “this country’s weak money laundering and terrorism financing controls.”

The EU has not formally announced why it removed New Zealand, but EU member state Latvia publicly named New Zealand in a letter to Fairfax Media.

“I would like to inform you that Latvia has intended to exclude New Zealand and Russian Federation from the list of countries whose legal requirements of money laundering and terrorist financing prevention are equivalent to legislation of the European Union,” Latvia’s Deputy State Secretary on financial policy issues in the Ministry of Finance, Arina Andreicika, said in the letter.

The EU’s Committee on the Prevention of Money Laundering and Terrorist Financing maintained that New Zealand no longer had comparable laws to the EU and she added: “Conclusion is based on evaluation of the report on New Zealand laws and regulations of money laundering and terrorist financing prevention in compliance with international requirements and the level of corruption in the Russian Federation.”

The EU struck off New Zealand from its white list on February 8.  More on this story …

One Response to “New Zealand struck off EU banking ‘white list’”

  1. Mike said

    Latvia is one of the most corrupt states there is. It has long established links with Russia, and much black money from Russia is laundered through there.

    [It was the EU that struck New Zealand off it banking ‘white list.’ Moderator]

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