Regulatory Impact Statement: Second phase of reforms to the Anti-Money Laundering and Countering Financing of Terrorism regime [pdf, 1.6 MB]
...generated through criminal activity can then be co-mingled with legitimate revenue. 2 This is therefore a conservative estimate of the total amount laundered in New Zealand as it excludes tax evasion, benefit, health and ACC fraud, serious fraud, environmental crimes such as illegal fishing, and illicit funds from overseas. 8 There was an agreement to progress the second phase of reforms (Phase II) at a later stage. The two-phase process was to stage the coverage of the AML/...