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MOU signed to improve agency cooperation

Anne Tolley, Craig Foss
30 July, 2014

Police Minister Anne Tolley and Commerce Minister Craig Foss today welcomed an updated memorandum of understanding (MOU) between the Financial Markets Authority (FMA) and the Serious Fraud Office (SFO).

Mrs Tolley, as the Minister responsible for the SFO, says continued coordination and cooperation between the two agencies will improve efficiency and effectiveness.

“This MOU will enable faster and more effective prosecutions by streamlining processes to avoid duplication and make the most of each agency’s resources.”

Representatives from each agency will continue to meet monthly to review relevant inquiries or investigations and discuss opportunities for further cooperation.

The SFO Director and FMA Chief Executive will also meet quarterly.

Mr Foss says coordination also promotes high standards of conduct in New Zealand’s financial markets.

“I am pleased these agencies will continue to work together to fight financial crime.

“This shared commitment further enhances the Government’s work to promote public confidence in the integrity of our financial markets,” Mr Foss says.

The FMA has primary responsibility for the detection, investigation and prosecution of offences under financial markets legislation. The SFO has primary responsibility for the detection, investigation and prosecution of offences that constitute serious or complex fraud, or involve matters of bribery and corruption.