This regulation follows the passage of the Criminal Activity Intervention Legislation Act 2023 (the Act) in March 2023.
The Act addresses harm caused by criminal activity, including that caused by gangs, and seeks to make communities safer. It creates new powers and offences that aim to better prevent and respond to the harm caused by criminal offending. This includes the harm commonly associated with gang activities, such as money laundering and dangerous behaviour on New Zealand roads.
The Act amends the Anti-Money Laundering and Countering Financing of Terrorism Act 2009, to prohibit cash transactions over a specified value for certain high-value goods.
Through this amended regulation, the threshold is set at $10,000.
The specified high-value goods are:
A person who is in trade must not buy or sell any of the above goods by way of a cash transaction or a series of related cash transactions, if the total value of the transaction or transactions is equal to or above the $10,000 threshold.
The Act also introduced new civil and criminal penalties for those who buy or sell the high-value goods using cash over the prescribed amount.
The Department of Internal Affairs is the key Supervisor of reporting entities that are likely to be affected by this new regulation (High-Value Dealers and their relevant reporting obligation).
Th effect of this new prohibition means that the Anti-Money Laundering and Countering Financing of Terrorism (Definitions) Regulations 2011 prescribing an applicable threshold value for high-value dealers at $10,000 will no longer apply for those trading in the specified high-value goods listed in this prohibition.
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