Draft anti-money laundering laws released
Businesses and professions that will be affected by proposed reforms to anti-money laundering rules can have their say on a new draft law.
The Government announced in June that it would fast-track the second phase of the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act.
The Act currently covers a range of financial services and casinos. Phase 2 will extend it to cover many lawyers, accountants, real estate agents, some business that deal in expensive goods, and sports and racing betting.
An exposure draft Bill setting out the details of the likely law changes was released this week, along with a related information paper that asks questions about several issues.
The goal is to make sure the regime is as effective as possible, while minimising the impact on businesses and their customers.
It is estimated that around $1.3 billion from the proceeds of fraud and drug offending is laundered each year in New Zealand. The proposed reforms aim to put in place practical measures to protect businesses and make it harder for criminals to profit from and fund illegal activity. They’ll also safeguard and help New Zealand live up to its reputation as being corruption free and a good place to do business.
The Government intends to introduce the Bill to Parliament early next year and have it passed by mid-2017.
For more information, go to:
Tackling money laundering and terrorist financing
To have your say in our online consultation, go to:
Phase 2 AML/CFT exposure draft amendment Bill(external link)