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1. Draft Cost Benefit Analysis: AML Phase II [pdf, 296 KB]

   1 | CBAx, AML Phase II, Ministry of Justice, October 2016 Draft Cost Benefit Analysis: AML Phase II 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...

2. AML/CFT Class Exemptions Update

   ...of 18 months. However, certain elements of the managing intermediaries exemptions will be retained for only 6 months. This is explained below. This 18 month period will align considerations of the class exemptions with the timing of wider work on the AML/CFT regime. This period will also allow time for the Ministry to conduct a full review of the class exemptions, with regard to the criteria outlined in section 157(3) of the Act. The full review of the class exemptions is already underway. The...

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3. Information for businesses

   ...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.  There is more information at: Reporting suspicious activities AML/CFT ministerial exemptions The Minister of Justice can decide to grant an exemption from coverage by the AML/CFT Act under certain circumstances. For example, if a business faces low money laundering risks it may not be required to meet some or...

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4. Flyer and Factsheet Tongan [pdf, 1.7 MB]

   ...ki hono fakafepakiʻi ʻo e feʻaveaki paʻanga ʻulí. ʻOku fakaʻatā mai ʻe he vakaiʻi ko ení ketau fehuʻi kiate kitautolu: ʻoku tonu nai ʻene tuʻu ʻi he taimi ní? Ko e Lao Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) 2009 (Fakafepakiʻi ʻo e Feʻaveaki Paʻanga ʻUlí mo e Fakapaʻanga ʻo e Tāmate Fakaehauá) ʻokú ne tauhi ʻa Nuʻu Silá ni ke malu meí he feʻaveaki paʻanga ʻulí mo e fakapaʻanga ʻo e tāmate fakaehauá. Ko hono fakafaing...

5. OIA-102463.pdf [pdf, 248 KB]

   ...activities can be found in its Annual Report here: • sfo.govt.nz/assets/Uploads/Annual-Report-2022-Web.pdf Anti-money laundering and countering the financing of terrorism The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act) improves New Zealand’s safety by making it harder for criminals to profit from their offending and disrupting the financing of terrorism. The AML/CFT Act helps ensure markets are not distorted by illicit funds and helps to...

6. Draft Cost Benefit Analysis: AML Phase II [pdf, 281 KB]

   ...some parts of the existing AML/CFT regime such as the ability to share information between Government agencies, are not operating as well as they should.  The gaps in the regime reduce the availability of necessary information about financial activities, hindering the effective detection and deterrence of money laundering and terrorist financing. Undetected financial crime reduces the integrity of the financial system, distorts the economy and diminishes opportunities for legitimate...

7. Putting the heat on money laundering

   ...It’s estimated that over $1 billion a year comes from drug dealing and fraud, and can be laundered through New Zealand businesses. The changes – which bring in "Phase 2" of New Zealand’s Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act – put in place measures to protect businesses, detect crime and deter criminals from abusing New Zealand’s financial system. What is money laundering? Money laundering is the process criminals use to hide the money they make fro...

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8. Draft anti-money laundering laws released

   ...will be affected by proposed reforms to anti-money laundering rules can have their say on a new draft law. The Government announced in June that it would fast-track the second phase of the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act. The Act currently covers a range of financial services and casinos. Phase 2 will extend it to cover many lawyers, accountants, real estate agents, some business that deal in expensive goods, and sports and racing betting. An exposure d...

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9. BORA Anti-Money Laundering and Countering Financing of Terrorism Bill [pdf, 313 KB]

   Anti-Money Laundering and Countering Financing of Terrorism Bill 8 June 2009 Attorney-General LEGAL ADVICE CONSISTENCY WITH THE NEW ZEALAND BILL OF RIGHTS ACT 1990: Anti-Money Laundering and Countering Financing of Terrorism Bill 1. I have reviewed the Anti-Money Laundering and Countering-Financing of Terrorism Bill (PCO12951/9.0) for consistency with the New Zealand Bill of Rights Act 1990. 2. According to the explanatory note the purpose of the Bill is to enhance New Zealand...

10. Report highlights New Zealand's effectiveness in combating criminal business and finance terrorism

    ...our tools, including strengthening anti-money laundering systems, to make this the hardest place to do criminal business,” Mr Hill said. FATF assessed the effectiveness of the New Zealand Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) system across the public and private sectors. Among the report’s findings were: New Zealand has a robust understanding of its money laundering and terrorist financing risks. Our law enforcement agencies regularly use financial intelli...

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