Ministry of Justice (the Ministry) are currently undertaking a consultation on proposed regulations under the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009. The purpose of this consultation is to help inform the Ministry during the development of regulations.
Amendments to the Act put in place “Phase 2” of New Zealand’s AML/CFT laws. These changes affect businesses already covered by the law (known as Phase 1 reporting entities) and extend the AML/CFT regime to cover more businesses (known as Phase 2 reporting entities). Phase 2 reporting entities include lawyers, accountants, conveyancers, real estate agents, and trust and company service providers.
The proposed regulations outline how various AML/CFT measures will work in practice and relate to real estate and the New Zealand Racing Board.
• Setting the timing of customer due diligence for real estate agents; and
• Addressing three technical matters relating to the wider real estate sector.
New Zealand Racing Board
• Setting the occasional transaction threshold for the New Zealand Racing Board at $6,000 and above
• Prescribing that New Zealand Racing Board betting vouchers area Stored Value Instrument if they have a value of $6,000 and above.
This is the second of several ‘tranches’ of regulations to be developed in support of Phase 2 of AML/CFT laws.
To have your say, you can:
• give your feedback online at www.consultations.justice.govt.nz
• download and read the consultation document (including draft regulations) and either:
- email a submission to firstname.lastname@example.org
- post a written submission to: AML/CFT consultation team, Ministry of Justice, SX10088, Wellington, New Zealand.
The Department encourages you to have your say, but you will need to act quickly. The deadline for submissions to the Ministry is 5pm on Tuesday 12th June 2018.