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17 October 2017

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Consultation on Proposed Anti-Money Laundering Regulations Opens

The Department would like to draw your attention to the Ministry of Justice (the Ministry) consultation currently taking place 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.

Recent 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 extended the AML/CFT regime to cover more businesses (known as Phase 2 reporting entities) that are at risk of being targeted by criminals to launder money and finance terrorism. 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:

  • prescribing the information that Phase 1 and 2 entities need to provide when they submit a Suspicious Activity Report
  • prescribing the annual report form for many of the Phase 2 entities
  • clarifying the scope of an 'occasional activity' under the AML/CFT Act
  • several minor and technical amendments to four existing AML/CFT Regulations.

This is the first 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 https://consultations.justice.govt.nz
  • download and read the consultation document (including draft regulations) and either:
    • email a submission to aml@justice.govt.nz
    • 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 31 October 2017.