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1. Renewal of the AML/CFT (Class Exemptions) Notice 2018

   ...extension The Minister of Justice has granted a short-term extension to exemptions for reporting entities with respect to licensed managing intermediaries (LMI) customers under Part 5 and specified managing intermediaries (SMI) customers under Part 6 of the AML/CFT (Class Exemptions) Notice 2023 (the Notice) in June 2023. The short-term extension meant these exemptions were expiring on 31 December 2023. It was understood these exemptions were no longer required because of the amended definition...

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   5. AML/CFT ministerial exemptions

2. Proactive release – Criminal Activity Intervention Legislation Bill [pdf, 15 MB]

   ...and Justice have not identified any comparable jurisdiction in the world that has enacted any such offence. Preventing criminal cash from being converted to high value goods or introduced to the financial system 18. The statutory review of the AML/CFT Act has identified a number of options that would make it harder for gangs to enjoy cash proceeds or get them into the financial system. The Ministry of Justice will make recommendations to the Minister of Justice on 30 June relating to:...

3. New National Anti-Money laundering and Countering Financing of Terrorism Strategy

   The Ministry of Justice has released New Zealand’s first National Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Strategy. The National Strategy will coordinate efforts across government and the private sector and guide prioritisation of work to improve the system. Money laundering allows criminals to disguise the origins of criminal proceeds. The laundering of proceeds of crime is a key enabler of most serious and organised crime occurring in New Zealand. Terrorism fina...

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4. AML/CFT Phase 2 costs and benefits reports

   ...benefits outweigh the costs, especially when broader strategic benefits are included. It’s estimated the cost to business sectors could be in the order of $0.8 to $1.1 billion over 10 years. In terms of benefits, the analysis estimated that Phase 2 of the AML/CFT reforms will disrupt about $1.7 billion of illegal drugs and fraud crime over a 10 year period, This is reflected in the benefit cost ratio (BCR) figures of just over 1 (that is, a BCR of 1 means for each dollar spent, there‘s a do...

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   5. Costs and benefits of AML/CFT laws

5. Cost Benefit Analysis: AML Phase 2 [pdf, 105 KB]

   1 | CBAx, AML Phase II, Ministry of Justice, February 2017 Cost Benefit Analysis: AML Phase 2 Section A Descriptive Information Problem Definition The Phase I anti-money laundering regime came into force in 2013, which covered banks, insurance companies, financial services (e.g. investment advisers), money remitters and casinos. There is now a proposal to extend the scope AML legislation to cover additional sectors, to bring NZ in line with its FATF obligations. The Phase II se...

6. AMLCFT Stat Review FAQ [pdf, 1.7 MB]

   Page 1/2 FAQs: The Government’s Review of the Anti-Money Laundering and Countering the Financing of Terrorism Act (AML/CFT) What is money laundering? It’s the process criminals use to “clean” the money they make from crimes such as fraud and dealing in illegal drugs. By making the money look like it comes from a legitimate source, they can cover their tracks and avoid detection. Criminal organisations and people who finance terrorism target businesses and countries they beli...

7. OIA-98200.pdf [pdf, 247 KB]

   Justice Centre | 19 Aitken Street DX SX10088 | Wellington T 04 918 8800 | F 04 918 8820 contactus@justice.govt.nz | www.justice.govt.nz 31 August 2022 Our ref: OIA 98200 Tēnā koe Official Information Act request: Strategic review of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (the AML/CFT Act) Thank you for your email of 8 August 2022, requesting, under the Official Information Act 1982 (the Act), information relating to the strat...

8. Reporting suspicious activities

   If businesses notice things that are potential signs of money laundering or financing of terrorism, they need to report that information to Police. Recent reporting changes affect all businesses that currently – or will – have to comply with the AML/CFT laws. On this page: Suspicious transaction reports Suspicious activity reports How do I know if something is suspicious? Prescribed transaction reports What are the rules for businesses that deal in high value goods? How do I submit a report...

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9. Flyer and Factsheet Samoan [pdf, 3.2 MB]

   ...Faamasinoga e toe iloilo la tatou tulafono anti-money laundering laws. Mai le iloiloga lenei o le a mafai ai ona tatou faapea ifo ia i tatou lava: faamata o saʻo la tatou alafua? O le Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009 o tulafono nei o lo o tausisia le saogalemu o Niu Sila mai le aumai faasolitulafono o tupe ma le faatupeina o faiga faaterorisi. E auala atu lea i le faia o auala e faafaigata ai e tagata solitulafono ona aumai faasolitulafono...

10. Exposure Draft - AML/CFT Early Regulations Package [pdf, 220 KB]

    ...of 2023 Present: in Council These regulations are made under sections 5(1), 14(1)(d), 18(2)(f), 23(1)(b), 27(2) and (3), 48A, 48B(1), 60(2)(c), 70, 153, and 154 of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (the Act)— (a) on the advice and with the consent of the Executive Council; and (b) in relation to regulations made under section 154 of the Act, on the recommen‐ dation of the Minister (as defined by section 5(1) of the Act) made in a...