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1. Tackling money laundering and terrorist financing

   ...detected. They then spend the money or use it to fund criminal activities.  People who finance terrorism use similar methods to channel funds to violent causes. For more information, see: What is money laundering and terrorist financing? How does the AML/CFT system currently work? The foundation of New Zealand’s system to tackle money laundering is the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009 and associated regulations.Three government agencies are r...

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2. Regulatory-Systems-Courts-Improvement-Amendment-Bill_FINAL.pdf [pdf, 514 KB]

   ...Bill will strengthen occupational regulatory bodies and reduce burden to consumers. 4.4 The Anti-Money Laundering and Countering Financing of Terrorism Amendment Bill aims to provide immediate relief by reducing compliance burdens and costs in the AML/CFT regime. 5 Cabinet agreed to the proposals to be included in the RSAB on 1 July 2024 [SOU-24- MIN-0074] and on 30 September 2024 [SOU-24-MIN-0117]. We have also made other decisions under delegated authority from Cabinet which are set...

3. Previous consultations

   ...Punishment [2019] Have your say about access to official information [2019] Strengthening the Criminal Justice System for Victims survey [2019] Strengthening the family justice system [2019] Regulations to support high value dealers to comply with the AML/CFT Act [2019] Legal Aid Invoicing [2019] Legal Aid High Cost Case policy & Amendment to Grant form changes [2018] Rewriting the 2014 Family Justice System Reforms [2018] Korero Mai - Tell Us Your Story [2018] Information sharing guidance...

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4. Putting the heat on money laundering

   ...It’s estimated that over $1 billion a year comes from drug dealing and fraud, and can be laundered through New Zealand businesses. The changes – which bring in "Phase 2" of New Zealand’s Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act – put in place measures to protect businesses, detect crime and deter criminals from abusing New Zealand’s financial system. What is money laundering? Money laundering is the process criminals use to hide the money they make fro...

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5. AML-and-CFT-Regulations-Amendment-Regulations-2023.pdf [pdf, 709 KB]

   Hon Ginny Andersen Minister of Justice Proactive release - Anti-Money Laundering and Countering Financing of Terrorism Regulations Amendment Regulations 2023 Date of issue: 18 September 2023 The following document has been proactively released in accordance with Cabinet Office Circular CO (23) 4. No. Document Comments 1 Anti-Money Laundering and Countering Released in full. Financing of Terrorism Regulations Amendment Regulations 2023 LEG Minute Cabinet Office Meeting date:

6. Anti-Money Laundering and Countering Financing of Terrorism - Cabinet Paper 1 - June 2016 [pdf, 254 KB]

   ...through crime is made legitimate or ‘cleaned’ to conceal its criminal origins. The financing of terrorism often uses similar methods as those used for money laundering. New Zealand’s anti-money laundering and countering financing of terrorism (AML/CFT) regime aims to detect and support the recovery of these proceeds of crime so that criminals cannot enjoy the profits of their criminal activity, or reinvest it into further criminal conduct. 4. New Zealand’s AML/CFT regim...

7. Anti-Money Laundering and Countering Financing of Terrorism - Cabinet Paper 4 - March 17 [pdf, 241 KB]

   ...Bill before introduction and helped to reduce the earlier anticipated compliance costs. 4. Engaging closely with affected sectors has helped them to understand their obligations, ways of structuring their affairs and using tools in the Act to minimise their compliance costs. Over time with effective supervision and support, compliance costs could reduce by up to $0.8 Billion from initial cost estimates. It is now estimated that ongoing costs could be in the order of...

8. Summary report on workshop feedback on ways to reduce cost compliance [pdf, 7.9 MB]

   ...Prepared for: Ministry of Justice February 3, 2017 2 Contents Why we ran the workshops 3 Mixed opinion on when and who does customer due diligence (CDD) in the real estate transaction process 4 The language in the AML/CFT Act needs to be consistent with other Acts 4 Real estate agents rarely receive large cash deposits 4 Participants noted duplication of CDD in the transaction process 4 Real estate agents are concerned customers will go to other agent...

9. Anti-Money Laundering and Countering Financing of Terrorism - Cabinet Paper 3 - October 2016 [pdf, 1.2 MB]

   ...Estate Agents and some entities who deal in high value products. Police’s National Risk Assessment of Money Laundering and Financing of Terrorism states that these sectors are all at high risk of money laundering and financing of terrorism activity – of the estimated $1.35 billion of fraud and drug proceeds laundered each year in New Zealand it is estimated that around $120 million is laundered using luxury goods, $420 million real estate, and more than $50 million t...

10. Proactive release – Anti-Money Laundering and Countering Financing of Terrorism (Prescribed Transactions Reporting) Amendment Regulations 2022 [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...