The Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Amendment Bill will put in place “Phase 2” of New Zealand’s AML/CFT laws. It will extend the AML/CFT Act to more businesses that are at high risk of being misused by criminals.
Businesses in the following sectors may have to put AML/CFT measures in place: real estate agents and conveyancers; many lawyers and accountants; some businesses that deal in expensive goods; and betting on sports and racing.
Some of the proposed reforms will also affect Phase 1 businesses.
People and organisations with an interest in the Bill can make submissions while it is considered by a Parliamentary select committee.
The Government intends to pass the law about the middle of the year. After that, businesses will have a period of time to prepare for the changes. The reforms will come into effect in stages:
The proposals in the Bill were informed by a consultation, which took place in August and September 2016, and by submissions on an exposure draft of the Bill, which was released in December 2016.
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