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1. Proactive release - Setting the strategic direction for New Zealand's Anti-Money Laundering and Countering Financing of Terrorism Regime [pdf, 1.4 MB]

   ...SETTING THE STRATEGIC DIRECTION FOR NEW ZEALAND’S ANTI-MONEY LAUNDERING AND COUNTERING FINANCING OF TERRORISM REGIME Proposal 1. This paper seeks your agreement to a National Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Strategy setting the strategic direction for New Zealand’s AML/CFT regime. The Strategy will coordinate efforts across government and the private sector and guide prioritisation of work to improve the regime. 2. This paper also brin...

2. New National Anti-Money laundering and Countering Financing of Terrorism Strategy

   The Ministry of Justice has released New Zealand’s first National Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Strategy. The National Strategy will coordinate efforts across government and the private sector and guide prioritisation of work to improve the system. Money laundering allows criminals to disguise the origins of criminal proceeds. The laundering of proceeds of crime is a key enabler of most serious and organised crime occurring in New Zealand. Terrorism fina...

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3. Regulatory Impact Statement: Second phase of reforms to the Anti-Money Laundering and Countering Financing of Terrorism regime [pdf, 1.6 MB]

   ...Disclosure Statement 1. This Regulatory Impact Statement (RIS) has been prepared by the Ministry of Justice. The RIS provides an analysis of options to enhance and extend New Zealand’s anti-money laundering and countering financing of terrorism (AML/CFT) regime. Previous decisions have limited the scope of the options considered 2. In June 2016, Cabinet agreed to progress the second phase of the reforms with a view of enacting the reforms by July 2017. In September 2016, Cabinet ag...

4. Tackling money laundering and terrorist financing consultation [pdf, 321 KB]

   Improving New Zealand’s ability to tackle money laundering and terrorist financing Ministry of Justice Consultation Paper on Phase Two of the AML/CFT Act August 2016 Contents Contents .......................................................................................................................................... 2 Glossary ........................................................................................................................................

5. 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...

6. AMLCFT_Release_Pack_FINAL.pdf [pdf, 7.5 MB]

   ...Information Act 1982 (OIA), be released . Where that is the case, the relevant section of the OIA has been noted and no public interest has been identified that would outweigh the reasons for withhold ing it. No. Document Comments 1. Proposals for an AML/CFT legislative Some information has been withheld in work programme accordance with the following sections of the OIA: Cabinet paper • section 9(2)(d) to avoid prejudice to the Office of the Associate Minister of Justice substantia...

7. OIA-116775 [pdf, 5.3 MB]

   ...of 17 November 2024, to the Ministry of Justice (the Ministry) requesting, under the Official Information Act 1982 (the Act), information regarding the amendments to the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (the AML/CFT Act). Specifically, you requested: Please provide me with all the documents that you can release with regards to the Statutes Amendment Bill and the other bill with regards to amendments to the AML/CFT Act, mentioned in the below p...

8. Deloitte report: Assessment of business compliance costs of the indicative anti-money laundering regulatory requirements [pdf, 2 MB]

   .................................................................................................................................................. 5 1.1. Background .......................................................................................................................... 5 1.2. Proposed AML legislation.................................................................................................... 5 1.2.1. Know Your Customer......................................................

9. Anti-Money Laundering Laws Reviewed

   ...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 significantly, the report found that the AML/CFT regime was not sufficiently risk based, in that efforts by agencies and businesses were not always prioritised towards areas of highest risk. In addition, aspects of the AML/CFT regime were not always sufficiently resourced, according to fee...

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10. 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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