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1. Consultation Document AML/CFT Early Regulatory Package Exposure Draft [pdf, 494 KB]

   AML/CFT ‘Early’ Regulatory Package Exposure Draft of the regulations 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 financin...

2. AML/CFT ministerial exemption decisions

   Ministerial exemptions, listed in order of date granted. Exemption notices (PDFs) Gazette and date Nelson Angel Women's Loan Fund 2024-go6493 - 16 December 2024 The Tindall Foundation  2024-go6492 - 16 December 2024 Toha Foundry Limited 2024-go6490 - 16 December 2024 Crown Infrastructure Partners Limited 2024-go6488 - 16 December 2024 The Ernst & Young entities& Corrigendum 2024-go6004 - 21 Nov 2024 2024-go6114 - 27 Nov 2024 Twentymans Funeral Services Limited & C

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   5. AML/CFT ministerial exemptions

3. Businesses trading in high value goods and AML/CFT

   Dealers of expensive goods are at risk of being exploited by criminals to launder money. They’re among a range of businesses whose members may be affected by changes to the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act. On this page: Do I have to comply with the Act? When do I need to start complying? Why are high value dealers who deal in large amounts of cash covered by the Act? What do I have to do? What can I do to reduce my compliance costs? What help will be...

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   4. Information for businesses

4. Renewal of the AML/CFT (Class Exemptions) Notice 2018

   ...extension The Minister of Justice has granted a short-term extension to exemptions for reporting entities with respect to licensed managing intermediaries (LMI) customers under Part 5 and specified managing intermediaries (SMI) customers under Part 6 of the AML/CFT (Class Exemptions) Notice 2023 (the Notice) in June 2023. The short-term extension meant these exemptions were expiring on 31 December 2023. It was understood these exemptions were no longer required because of the amended definition...

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   1. Justice sector & policy >
   2. Key initiatives >
   3. Tackling money laundering and terrorist financing >
   4. Information for businesses >
   5. AML/CFT ministerial exemptions

5. 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...

6. 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...

7. 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...

8. 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. Costs and benefits of AML/CFT laws

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

   ...business or profession provides relevant service to repeat customer outside of ongoing business relationship 22 12G Customer due diligence requirements for when relevant service not initially provided 22 38 New regulations 14 to 40 inserted 23 14 AML/CFT supervisor must approve designated business group 23 15 Prohibition on correspondent banking relationship with bank registered in Democratic People’s Republic of Korea 23 16 Further condition relating to reliance on reporting entity o...

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

    AML/CFT ‘Early’ Regulatory Package Exposure Draft of the regulations 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 financin...