New Zealand's Financial Markets Authority And Serious Fraud Office Sign Memorandum Of Understanding

The Financial Markets Authority (FMA) and the Serious Fraud Office (SFO) have signed a Memorandum of Understanding (MOU) which will enhance their already close working relationship and drive greater efficiencies between the two agencies.

The initiative, announced by FMA Chief Executive Sean Hughes and SFO Chief Executive Adam Feeley, provides a framework within which the organisations can co-ordinate 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 co-ordination between them will enable efficient allocation of their investigation and prosecution resources.

FMA and the SFO have already shared resource and intelligence on a number of finance company investigations, including Dominion Finance, Belgrave Finance, and Hanover Finance. Last month it was announced FMA would support the SFO's case against five individuals involved with the affairs of South Canterbury Finance.

A copy of the Memorandum can be found here.