The Serious Fraud Office (SFO) and the Financial Markets Authority (FMA) signed a Memorandum of Understanding (MOU) on January 19, 2012, to their already close working relationship and drive greater efficiencies between the two agencies.
FMA Chief Executive Sean Hughes and SFO Chief Executive Adam Feeley announced the initiative that provides a framework within which the organisations can coordinate their activities, exchange information and share expertise and resources.
The FMA and SFO share an objective of improving confidence in New Zealand’s financial markets. Greater coordination between them will enable efficient allocation of their investigation and prosecution resources.
The two bodies have shared resource and intelligence in the past on a number of finance company investigations, including Dominion Finance, Belgrave Finance and Hanover Finance.
It was announced in December 2011 that FMA would support SFO’s case against five individuals involved with the affairs of South Canterbury Finance.
Source: Serious Fraud Office