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1. AML-CFT-PTR-Regulations-Proactive-Release-FINAL.pdf [pdf, 408 KB]

   ...Transactions Reporting) Amendment Regulations 2022 (Amendment Regulations) to be made under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. Background 2 The Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) regime is a risk-based system that detects and deters money laundering and terrorism financing and implements relevant international obligations. There are currently six AML/CFT instruments containing regulations that implement the deta...

2. AML/CFT Statutory Review - summary of form submissions [pdf, 820 KB]

   Page 1 AML/CFT Act review: Summary report This report was created on Saturday 04 December 2021 at 13:03 and includes 59 responses. The activity ran from 06/10/2021 to 03/12/2021. Contents Question 1: What age group are you in? 24 Age 24 Question 2: What is your ethnicity? (You can select more than one.) 24 Ethnicity 24 Please specify 24 Ethnicity 25 Please specify 25 Ethnicity 25 Please specify 25 Ethnicity 25 Please specify 25 Question 3: If you're responding on behalf of...

3. AML/CFT Phase 2 costs and benefits reports

   ...benefits outweigh the costs, especially when broader strategic benefits are included. It’s estimated the cost to business sectors could be in the order of $0.8 to $1.1 billion over 10 years. In terms of benefits, the analysis estimated that Phase 2 of the AML/CFT reforms will disrupt about $1.7 billion of illegal drugs and fraud crime over a 10 year period, This is reflected in the benefit cost ratio (BCR) figures of just over 1 (that is, a BCR of 1 means for each dollar spent, there‘s a do...

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4. Exposure Draft - AML/CFT Early Regulations Package [pdf, 220 KB]

   ...of 2023 Present: in Council These regulations are made under sections 5(1), 14(1)(d), 18(2)(f), 23(1)(b), 27(2) and (3), 48A, 48B(1), 60(2)(c), 70, 153, and 154 of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (the Act)— (a) on the advice and with the consent of the Executive Council; and (b) in relation to regulations made under section 154 of the Act, on the recommen‐ dation of the Minister (as defined by section 5(1) of the Act) made in a...

5. Consultation Document - AML/CFT Early Regulatory Package Exposure Draft February 2023 [pdf, 494 KB]

   ...February 2023 AML/CFT ‘Early’ Regulatory Package: Exposure Draft February 2023 Overview The Ministry of Justice has concluded its statutory review of the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009 and broadly found that the Act provides a sound regulatory regime that provides the basis to detect and deter money laundering and terrorism financing, but that there are some issues that prevent the regime from being the best it can...

6. Proactive Release - Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT): High-Value Dealer Regulations [pdf, 1.9 MB]

   © Crown Copyright, Creative Commons Attribution 4.0 International (CC BY 4.0) Hon Andrew Little Minister of Justice Proactive Release – Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT): High-Value Dealer Regulations Date of issue: 8 August 2019 The following documents have been proactively released in accordance with Cabinet Office Circular CO (18) 4. Some information has been withheld on the basis that it would not, if requested under the Official Inf...

7. Draft anti-money laundering laws released

   ...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 d...

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8. Anti-Money Laundering Laws Reviewed

   The Ministry of Justice has reviewed the Anti-Money Laundering and Countering Financing of Terrorism Act. A review of the Act was required by law 5 years after the 2017 amendments had been in place. Overall, the report concluded that the Act provides for a generally sound regulatory regime that can effectively detect and deter money laundering and terrorism financing. However, there were also some issues that we considered prevented the regime from being the best it can be for New Zealand. Most...

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9. Consultation launched to inform new anti-money laundering laws

   ...affected by upcoming changes to anti-money laundering law to have their say on the proposed reforms. The Ministry has issued a consultation document as part of the Government’s move to extend the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act) to more businesses and professions. “We want to make sure our anti-money laundering laws are effective, while minimising the impact on businesses,” says Rajesh Chhana, Deputy Secretary Policy. “Money laundering a...

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10. What do you think of our Anti-Money Laundering laws?

    The Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009 keeps Aotearoa 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 appealing. Money laundering affects all of us. It's happening every day across the country. It’s estimated that over $1 billion a year comes from drug dealing and fraud, and can be...

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