New Zealand regulators shine light on luxury goods in AML fight
While the focus has been on high-volume cash transactions in the anti-money laundering fight, dealers are now being told that assets such as gold and luxury watches should also be scrutinised.
NEW Zealand’s AML/CTF regulator has warned dealers to beware of criminals attempting to evade laws by moving “high value goods” in lieu of cash.
Suspicious merchandise could include jewellery, luxury watches, cars, precious metals and artwork.
“They allow large amounts of money to be moved or hidden more easily than cash,” said Laura Olsen of the NZ Department of Internal Affairs.
“In some cases, these goods act like a substitute for money, bought with illegal funds, stored, and later sold to make the money look legitimate.
“High‑value goods can also be easily transported, making them useful for moving money across borders.
“Some cultural items, particularly from conflict regions, may even be linked to more serious risks like terrorism financing.”
The DIA, which co-supervises New Zealand’s AML reporting, has issued new guidance to help identify suspicious activity.
“If something doesn’t seem right, like buyers who don’t seem concerned about price or unusual or complicated transaction patterns, businesses should act,” Ms Olsen said.
