Anti-Money Laundering and Countering Financing of Terrorism Act passed

The Anti-Money Laundering and Countering Financing of Terrorism Act was assented to on 16 October and commenced, in part, on that date.

According to the Ministry of Justice, "this new law forms part of a legislative package that will implement the first phase of reforms to New Zealand's anti-money laundering and countering financing of terrorism (AML/CFT) regulatory regime ... recognising that effective control of money laundering and crime that leads to it needs collaboration between the financial sector and government".

Justice Minister Simon Power said that "the Act will ensure that New Zealand's financial sector continues to be attractive to legitimate international investors, and is not seen as a safe haven for organised criminals and tax evaders".

A lead-in time allows financial service providers to ensure they have the necessary measures in place to comply with the new laws.

Click here to read Bell Gully's practical guide to the legislation.

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