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1. Terms of Reference for Stat Review Final [pdf, 115 KB]

   Review of New Zealand’s AML/CFT Framework Terms of Reference 1. Background The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (the AML/CFT Act) forms a significant part of New Zealand’s framework to combat money laundering, terrorism financing, and otherwise keep illicit funds out of the economy. The purposes of the Act are to: • detect and deter money laundering and terrorism financing; • to maintain and enhance New Zealand’s inter...

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

   ...Regulations Amendment Regulations 2023 Portfolio Justice Purpose This paper seeks authorisation for approval to the Executive Council of five regulations under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (the AML/CFT Act). Previous Decisions In October 2022, the Cabinet Economic Development Committee (DEV) noted that the Ministry of Justice had concluded its statutory review of the AML/CFT Act, and that a number of short-term regulatory changes...

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

   ...introduce the Anti-Money Laundering and Countering Financing of Terrorism Amendment Bill into the House. Executive summary 2. In June 2016 Cabinet made early decisions to extend the Anti-money Laundering and Countering Financing of Terrorism (AML/CFT) regime to lawyers, conveyancers, accountants, real estate agents and some entities who deal in high value products [CAB-16-MIN-0251]. In October 2016, because of the nature of the compliance costs and size of the regulatory change, Cabinet...

4. Development of the AML/CFT Act and Regulations

   New Zealand has progressively implemented a system to tackle money laundering and the financing of terrorism (AML/CFT). On this page you can find information about New Zealand’s work to address the risks of AML/CFT. In 1991, New Zealand became an active member of the Financial Action Task Force (FATF). Hosted by the OECD in Paris, FATF has established a set of internationally accepted standards for anti-money laundering and, following the September 2001 terrorist attacks on the United States,...

   Located in:

   1. Justice sector & policy >
   2. Key initiatives >
   3. Tackling money laundering and terrorist financing

5. 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...

   Located in:

   1. Justice sector & policy >
   2. Key initiatives

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. Submissions Analysis of the Exposure Draft Amendment Bill for Phase 2 of the AML/CFT Reforms [pdf, 8 MB]

   1 Submissions Analysis of the Exposure Draft Amendment Bill for Phase 2 of the AML/CFT Reforms Prepared for: Ministry of Justice March 1, 2017 2 Contents Main themes 3 Introduction 6 Phase 2 businesses and professions 7 Lawyers and conveyancers 7 Accountants 8 Real estate 8 Gambling 9 High value goods 9 Proposed changes that affect compliance costs 11 Suspicious activity reporting 11 Designated Business Groups 13...

8. Class exemptions for managing intermediaries information sheet [pdf, 644 KB]

   ...understand the Anti-Money Laundering and Countering Financing of Terrorism (Class Exemptions) Amendment Notice (No 2) 2015 (Managing Intermediaries Exemption). Overview Under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act), reporting entities have customer due diligence (CDD) obligations to identify and verify the identity of their customers, the people acting on behalf of their customers, and any ‘beneficial owners’ of their customers. Pr...

9. AMLCFT Statutory Review Final Report [pdf, 5.4 MB]

   ......................................................................................................... 249 7.4. Privacy and protection of information .................................................................... 253 Glossary of terms AML/CFT Anti-Money Laundering and Countering the Financing of Terrorism Act The AML/CFT Act 2009 AML/CFT supervisors The Department of Internal Affairs, the Financial Markets Authority, and the Reserve Bank of New Zealand, are the entitie...

10. AMLCFT Statutory Review Consultation Document [pdf, 1.2 MB]

    - Review of the AML/CFT Act Consultation Document Ministry of Justice October 2021 Important notice The opinions contained in this document are those of the Ministry of Justice and do not reflect official government policy. Readers are advised to seek specific legal advice from a qualified professional person before undertaking any action in reliance on the contents of this publication. The contents of this discussion document must not be con...