NZ's housing market makes it easy to launder money, says expert

Author
Michael Sergel,
Section
Audio,
Publish Date
Tuesday, 20 March 2018, 8:34a.m.
International money and passports (Photo \ Getty Images)

Lots of illicit money is being hidden in New Zealand in lots of different ways.

A new report from police estimates $1.3 billion was laundered in New Zealand last year.

Money laundering expert Ron Pol says New Zealand offers lots of ways to easily hide bad money.

READ MORE:
Billions in illicit funds filtering through New Zealand

He told Mike Hosking one example is a strong real estate market, where foreign buyers can easily invest.

"For example, if you happened to be a methamphetamine dealer and you had a few million from that crime then purchasing real estate is a fantastic way of laundering those proceeds."

Authorities aren't even making a dent, with only about $14.4 million of $1.3b intercepted.

"That's a small number at 0.8 per cent, so the impact on criminals is not even a rounding error."

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