New National Anti-Money laundering and Countering Financing of Terrorism Strategy
The Ministry of Justice has released New Zealand’s first National Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Strategy.
The National Strategy will coordinate efforts across government and the private sector and guide prioritisation of work to improve the system.
Money laundering allows criminals to disguise the origins of criminal proceeds. The laundering of proceeds of crime is a key enabler of most serious and organised crime occurring in New Zealand. Terrorism financing provides the means to sustain, plan and execute acts of terrorism and finance and maintain terrorist networks.
New Zealand’s AML/CFT regime has been in place in New Zealand since 2013, when the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 came into force.
AML/CFT exists to ensure the integrity of New Zealand’s financial system; attract business; protect people and communities; and prevent criminals from using the proceeds of their crimes to harm communities. The system is built on a genuine partnership between the public and private sectors.
New Zealand is a member of the Financial Action Task Force (FATF), an inter-governmental body that sets standards for combating money laundering, terrorist financing and other related threats to the integrity of the financial system including the financing of proliferation of weapons of mass destruction.
Our collective efforts to comply with the FATF technical recommendations and effectiveness outcomes ensure that New Zealand can access international financial markets and is regarded as a good global citizen with a demonstrable commitment to the rules-based system that helps keep people and nations safe and prosperous.
A wide range of individuals and organisations are impacted by AML/CFT legislation, which has been in force since 2013. The National Strategy is an opportunity for New Zealand to both consolidate the work we have already done and continue to evolve.