We want to hear what you think about our Anti-Money Laundering Laws

The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (the AML/CFT Act) keeps New Zealand safe from money laundering and terrorism financing. 

Money laundering is the process criminals use to 'clean' the money they make from crimes such as fraud, dealing in illegal drugs, and the like so they can cover their tracks and avoid detection. By making it harder for criminals to launder money, or finance terrorism, we also make profit-motivated crime, like selling drugs or defrauding people, less appealing.

Money laundering affects all of us. It is happening every day across the country. It’s estimated that over $1 billion a year comes from drug dealing and fraud and can be laundered through New Zealand businesses.

We have begun reviewing the Act

On the 1 July 2021, the Minister of Justice asked the Ministry of Justice to review the Act. This review will look at:

  1. How has the Act operated since 2013?
  2. Is there any part of the Act that should change?

The review will finish by 30 June 2022, with the Ministry providing a report to the Minister. The Minister will then make the report public.

Read the Terms of Reference [PDF, 115 KB] for the review outlining how the review will be conducted.

We want New Zealand to become the hardest place in the world to launder money and finance terrorism. Effective AML/CFT laws will help maintain a safe and legitimate economy.

Public consultation has concluded

In October 2021, the Ministry released a public consultation document to get the public's views on whether how we can improve the AML/CFT Act and lessen the unnecessary impact on the lives of everyday New Zealanders. 

Consultation closed in December 2021 with over 200 submissons received. The Ministry would like to thank all who submitted on the consultation document on the review of the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act.

The Ministry has produced a thematic summary of the submissions received that outlines what submitters generally thought about the topics we outlined in the consultation document

Read the summary of submissions [PDF, 1.2 MB]

Read the summary of responses received via the online form (Citizenspace) [PDF, 820 KB]

The Ministry also conducted a workshop with the Industry Advisory Group on 28 October 2021. This views expressed in this workshop will also be factored in as part of developing any recommendations for change.

Read the Industry Advisory Group Workshop capture document [PDF, 9.3 MB]

All submissions the Ministry received have been published with personal information redacted, except where the submitter requested we do not publish the submission or keep the submission confidential.

View submissions the Ministry received(external link)

 

What happens next?

The Ministry's review will conclude the review on 30 June 2022 with a report to the Minister of Justice about how the Act has performed since 2017 and whether any amendments are necessary or desirable. The submissions we received have been analysed by the review team and will be factored in as part of developing any recommendations for any changes to the AML/CFT Act or regulations. 

Summary and Consultation documents

Summary Document [PDF, 301 KB]

Consultation Document [PDF, 1.2 MB]

Factsheet and FAQs

Factsheet [PDF, 1.7 MB]

Frequently asked questions [PDF, 1.7 MB]

Translated factsheets and FAQs

Factsheet and FAQ - Arabic [PDF, 3.3 MB]

Factsheet and FAQ - Hindi [PDF, 3.3 MB]

Factsheet and FAQ - simplified Chinese [PDF, 3.3 MB]

Factsheet and FAQ - traditional Chinese [PDF, 3.3 MB]

Factsheet and FAQ - Tongan [PDF, 1.7 MB]

Factsheet and FAQ - Samoan [PDF, 3.2 MB]