ZB ZB
Live now
Start time
Playing for
End time
Listen live
Listen to NAME OF STATION
Up next
Listen live on
ZB

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

Author
Michael Sergel,
Publish Date
Tue, 20 Mar 2018, 8:34AM
International money and passports (Photo \ Getty Images)

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

Author
Michael Sergel,
Publish Date
Tue, 20 Mar 2018, 8:34AM

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."

LISTEN TO THE FULL INTERVIEW WITH MIKE HOSKING ABOVEĀ 

Take your Radio, Podcasts and Music with you