Tackling money laundering and terrorist financing

To improve New Zealand’s ability to tackle money laundering and terrorism financing, the Government has made law changes that affect various businesses and professions.

The Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Amendment Act 2017 puts in place "Phase 2" of New Zealand's AML/CFT laws.

The new laws:

  • extend the current AML/CFT Act to cover more businesses (including real estate agents and conveyancers; many lawyers and accountants; some businesses that deal in expensive goods; and betting on sports and racing)
  • make some changes that affect “Phase 1” businesses (including banks, casinos and a range of financial service providers) who have had to comply with the Act since 2013. 

Each year about $1.35 billion from the proceeds of fraud and illegal drugs is laundered through everyday New Zealand businesses. These law changes - put in place practical measures to protect businesses and make it harder for criminals to profit from and fund illegal activity. They’ll also safeguard and help New Zealand live up to our reputation as being one of the least corrupt countries and a good place to do business.

The law will come into effect in stages for different sectors to give businesses time to prepare for the changes. 

Information for Phase 2 businesses

  • Lawyers

    From 1 July 2018, if you provide certain types of legal services, you’ll need to comply with the AML/CFT Act. Find out if the Act affects you, and what you’ll need to do.

  • Conveyancers

    From 1 July 2018, all conveyancers will need to put AML/CFT measures in place. Find out what you’ll need to do.

  • Businesses that provide trust and company services 

    From 1 July 2018, if you provide services to help set up and/or run trusts and companies, you may need to put AML/CFT measures in place. Find out if the Act affects you and what you’ll need to do.

  • Accountants

    From 1 October 2018, if you provide certain types of business services, you’ll need to comply with the AML/CFT Act. Find out if you’re covered, and what you’ll need to do.

  • Real estate agents

    From 1 January 2019, you’ll have to comply with the AML/CFT Act when you represent someone who’s either selling or buying real estate. Learn how the Act affects you, and what you’ll need to do.

  • Businesses trading in high value goods

    From 1 August 2019, you may need to comply with the AML/CFT Act. Find out how the Act affects you if you deal in jewellery, precious metals, precious stones, watches, motor vehicles, boats, art or antiquities.

  • Sports and racing betting

    From 1 August 2019, the New Zealand Racing Board (which administers all racing and sports betting in New Zealand) will need to put AML/CFT measures in place.

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