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1. 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

2. 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...

3. 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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   3. Tackling money laundering and terrorism financing >
   4. Information for businesses

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

   ...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 strategic review of the AML/CFT Act. Specifically, you requested: Please make available to us...

5. 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...

6. Flyer and Factsheet Simplified Chinese [pdf, 3.3 MB]

   ...重损害我们金融体系的犯罪。 我们的反洗钱法已经完善了吗？ 7月，政府要求司法部审查我们的反洗钱法。这次审查 让我们问问我们自己：我们做对了吗？ 《2009 年反洗钱和打击资助恐怖主义法案》 (AML/ CFT) 使新西兰免受洗钱和恐怖主义融资的侵害。通过 让犯罪分子更难洗钱或资助恐怖主义，我们也降低了以 营利为目的的犯罪活动，例如贩卖毒品或欺诈。 洗钱影响到我�...

7. Flyer and Factsheet Traditional Chinese [pdf, 3.3 MB]

   ...重損害我們金融體系的犯罪。 我們的反洗錢法已經完善了嗎？ 政府在7月間要求司法部檢視我們的反洗錢法。這項檢 視讓我們問自己：我們做對了嗎？ 『2009年反洗錢和打擊資助恐怖主義法案』(AML/ CFT) 使紐西蘭免受洗錢和恐怖主義融資的侵害。通過 讓犯罪分子更難洗錢或資助恐怖主義，我們也降低了以 營利為目的的犯罪活動，例如販賣毒品或詐騙他人。 洗錢影響到我們�...

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

   ...business or profession provides relevant service to repeat customer outside of ongoing business relationship 22 12G Customer due diligence requirements for when relevant service not initially provided 22 38 New regulations 14 to 40 inserted 23 14 AML/CFT supervisor must approve designated business group 23 15 Prohibition on correspondent banking relationship with bank registered in Democratic People’s Republic of Korea 23 16 Further condition relating to reliance on reporting entity o...

9. 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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10. 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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    1. Justice sector & policy >
    2. Key initiatives >
    3. Tackling money laundering and terrorism financing