The Serious Fraud Office says an investigation into the potential of fraud during the Christchurch rebuild has uncovered no evidence.
However, acting chief executive Simon McArley says it is continuing to warn of the risk of fraud and corruption in the earthquake-hit city.
In November 2012, the SFO told Parliament's Law and Order select committee the rebuild had the potential to generate $1 billion of fraudulent activity, but it is re-evaluating that figure.
The investigation was launched in July last year over concerns that the estimated costs of quake repair or rebuilding were being inflated.
Mr McArley says the SFO intervened early to address those concerns, and that very fact probably served as a deterrent.
He says the ongoing reclassification of land and buildings and the divergence of opinions on technical requirements for the rebuild will continue to contribute to a changing and difficult financial and commercial environment in Christchurch.
