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Anti-money laundering and countering financing of terrorism

The Ministry of Justice is responsible for leading the development of New Zealand's anti-money laundering and countering financing of terrorism (AML/CFT) policy.

The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (external link) seeks to detect and deter money laundering and the financing of terrorism, contribute to public confidence in the financial system and improve New Zealand’s compliance with international laws and best practices.

The Act introduces obligations for various businesses and industries, described in the legislation as ‘reporting entities’. Reporting entities include financial institutions, casinos, certain trust and company service providers and certain financial advisers.

Three government agencies – the Financial Markets Authority, the Reserve Bank and the Department of Internal Affairs – are responsible for supervising the reporting entities.

The Act came into full force on 30 June 2013.

A second phase will consider introducing AML/CFT obligations for other businesses and professions, such as lawyers, accountants, conveyancing practitioners, real estate agents and businesses that deal in high-value goods, such as auctioneers and bullion dealers. Timing for that phase is yet to be determined.

Find out more about anti-money laundering and countering financing of terrorism

Disclaimer

The information on these pages does not constitute legal advice. Readers are advised to consult the statute and regulations, and seek independent legal advice before undertaking any action related to the contents of these web pages.