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New Zealand Government Assists Financial Crime Victims With Recovery
Internal Administrator
Posted: Saturday, August 13, 2011
Joined: 10/12/2010
Posts: 5780

Posted: 5/13/2010 10:29:10 AM

By: Unwanted Publicity Intelligence

Wondering whether any similar civil recovery programs may be offered by the United States government for victims of 'financial crime' as New Zealand mentions ( below ):



The Financial Crime Group ( FCG ) was established in 2009 to provide for civil recovery of proceeds of crime and financial intelligence across all of Government, and internationally.

The group's functions centre on key pieces of legislation as well as international agreements, specifically:

- Criminal Proceeds (Recovery) Act 2009;

- Anti-Money Laundering (AML)/Countering the Financing of Terrorism (CFT) Act 2009; and,

- United Nations Financial Action Task Force (FATF) agreed recommendations.

Financial Intelligence Unit ( FIU )

The FIU collects information on suspicious financial transaction reports that come from banks and other financial institutions. The unit also monitors large amounts of cash crossing our borders, and supports investigations into money laundering.

The Financial Intelligence Unit has prepared Best Practice Guidelines for Financial Institutions [updated January 2009] to assist New Zealand financial institutions in meeting their obligations under the Financial Transactions Reporting Act 1996.

Scams and Frauds

The Ministry of Consumer Affairs Scamwatch! page has up-to-date information on scams running in New Zealand.

Further information on known frauds and scams is available on the Fraud Alert website provided by the London Metropolitan Police Fraud Squad.

If you are suddenly offered an investment deal from Nigeria it is almost certainly a scam. See the above site for more details.

The Commerce Commission deals with matters regarding misleading or deceptive conduct under the New Zealand Fair Trading Act.

The New Zealand Serious Fraud Office provides information on "large" frauds.

The Securities Commission provides a list of known overseas brokers who do not comply with New Zealand law yet have targeted people in New Zealand.

Asset Recovery Units (ARU)

Almost all crime is financially motivated and the objective of the Criminal Proceeds (Recover) Act 2009 is to disrupt, derail and deter crime.

The Commissioner has total and independent discretion about what civil actions will and will not pursue under the Act, with the Crown Solicitors working on behalf of the Commissioner to pursue civil recovery actions.

ARU provides this service on behalf of the Commissioner, not just for Police, but for referrals from other agencies and jurisdictions.

The ability to take civil action means the ARU can target property that has been acquired as a result of unlawful activity, even though it may not be possible to prove beyond reasonable doubt that the owner has committed a specific criminal offence. The onus of proof is on the asset holder.



If the U.S. government provides a civil recovery program or process - as New Zealand ( above ) - for victims of financial crime, where might the public locate information online about such?

I recall a short-lived ( think it began in 1998 ) partial financial fraud recovery program tied to the U.S. Department of Justice, but believe post-2000 DOJ program budget statistics indicated such was stopped due to U.S. financial crime law enforcement investigatory budget cut-backs ( post-2000 ).

That particular decade old program, after being whittled-down, only continued to provide 'victim assistance' for 'personal budgeting - in the wake of financial loss' and 'psychological coping' aid to victims, however without any monetary recovery.

Does it still remain costly for a 'victim of financial crime' to propel themself financially through Civil court 'Order For Judgement Debtor' remedy and then proceed with costly assistance to try and obtain recovery of their lost investment fraud monies ( if any remain )?

U.S. law enforcement believes victims of financial crime never come forward to file official complaints because of victim embarrassment, or having attempted to evade taxes, or a rare few other reasons.

It is believed that investigative research alone remains quite costly for an individual victim of financial crime seeking civil remedies so, what may some examples be of 'recovery prodecural steps', 'economic alternatives', and 'recovery costs versus loss' be for the common man?

Many victims have been cleaned-out financially so, what ( if any ) alternatives exist?

Half the battle is locating 'current information' as to viable or sensible alternatives for victim financial recovery options so, where is a reputable entity with a website offering 'current' and wide-spectrum information for such?

Submitted for review and commentary.

Unwanted Publicity Intelligence, Host




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