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...many years. The exemption comes into force the day after publication. The exemption will expire on 17 January 2028. Any person wishing to provide comment on this notice should contact the Criminal Law Team at the Ministry of Justice by emailing amlcft.exemptions@justice.govt.nz. mailto:amlcft.exemptions@justice.govt.nz
...Regulations 2011. 3. This exemption is subject to the following condition: (a) If the business activities of Snap-on and Snap-on NZ change in a material way, in that it is required to carry out further activities which fall within the ambit of the AML/CFT Act, Snap-on and Snap-on NZ are required to notify the Ministry of Justice and the Department of Internal Affairs and undertake to work with those bodies to agree how to manage any risks. 4. This exemption comes into force on the...
...them to deposit the cash from the loan into their lawyer’s trust account and to hold the funds on behalf of the shell company. The drug dealers had effectively involved two lawyers in a money laundering scheme which was structured to avoid AML/CFT controls in the banking sector. The funds appeared to be legitimate and seemed to have come from offshore. A man deposited the total purchase price for a house, in cash, with his lawyers well before the sale price was agreed. Th...
...border Transportation of Cash) Amendment Regulations 2022 relate to the ahgqozkok9 2022-08-17 15:33:20 s9(2)(h) RE LE AS ED B Y TH E MIN IS TE R OF JU ST IC E I N C O N F I D E N C E 3 I N C O N F I D E N C E application of the AML/CFT Act and are made pursuant to sections 70 and 153 of the AML/CFT Act. Regulations Review Committee 12. I do not consider there are any grounds for the Regulations Review Committee to draw the regulations to the attention of the House...
...risks in the high-value dealers sector. 4 This data may be impacted by a range of factors, including the difficulties in identifying offenders, whether the offence occurs in the context of a gang convoy. 5 The current definition of cash in the AML/CFT Act includes both physical currency and bearer negotiable instruments (e.g. cheques and bearer bonds); this definition would be used as a starting point with the intent of expanding it to include gold bars and ingots. s6(c) RE LE...
...by BCL against GRL and/or counsel, that they be joined as parties for cost purposes. [4] Each of these applications are opposed. First application: declaration for withdrawal [5] There are no specific provisions in the Employment Relations Act 2000 (the Act), or the Employment Court Regulations 2000 (the Regulations), which deal with declarations for withdrawal. Accordingly, the High Court Rules (HCR) apply via reg 6 of the Regulations. [6] Rules 5.40 and 5.41 of the HCR re...
...the best they can be? In July, the Government asked the Ministry of Justice to review our anti-money laundering laws. This review allows us to ask ourselves: have we got this right? The Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009 keeps New Zealand safe from money laundering and terrorism financing. By making it harder for criminals to launder money or finance terrorism, we also make profit-motivated crime, like selling drugs or defrauding people, less...
...situation, New Zealand can be targeted by international criminal networks as a global weak link to inject the proceeds of crime into the international financial system. • New Zealand has an anti-money laundering and countering financing of terrorism (AML/CFT) regime – but the regime is not appropriate to the level of risk. High risk sectors such as lawyers, real estate agents, accountants, and dealers in high value goods are not required to comply with the AML/CFT obligations. The sect...
...situation, New Zealand can be targeted by international criminal networks as a global weak link to inject the proceeds of crime into the international financial system. New Zealand has an anti-money laundering and countering financing of terrorism (AML/CFT) regime – but the regime is not appropriate to the level of risk. High risk sectors such as lawyers, real estate agents, accountants, and dealers in high value goods are not required to comply with the AML/CFT obligations. The s...
...Act; h. If any voluntary contributions are received from international sources, the following sections of the Act apply to such contributions: i. Section 10–17; ii. Section 48A–48C; and iii. Section 49. i. The Board must appoint an AML/CFT Compliance Officer in accordance with section 56(2) and (4) of the Act to oversee compliance with these conditions; j. The Board is required to report annually on the Board’s compliance with the conditions of the exemption, in line w...