Tackling money laundering and terrorist financing

Overview

In August 2016, we sought feedback about proposed changes to improve New Zealand’s ability to tackle money laundering and terrorist financing.

This consultation was part of the Government’s move to extend the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act) to more businesses and professions.

Phase One of the AML/CFT Act came into effect in 2013. It placed obligations on various providers of financial services and casinos. In June 2016, the Prime Minister announced the Government will accelerate Phase Two of the AML/CFT regime.

This means:

many businesses in the following professions will have to put AML/CFT measures in place: lawyers, accountants, real estate agents, conveyancers, some additional gambling service providers and some high-value goods dealers.
there may be minor changes to aspects of the current AML/CFT regime, which will affect both Phase One and Phase Two professions.

Consultation document

Download and read the August 2016 consultation document:

Improving New Zealand’s ability to tackle money laundering and terrorist financing (PDF, 317KB)

Summary of submissions

Read the summary of submissions:

Summary of submissions (PDF, 730KB)

What happens next?

Your feedback informed the final draft of the AML/CFT Amendment Bill, which is now being considered by Parliament.

You will have an opportunity to comment on the specific proposals in the Bill when it is considered by a parliamentary Select Committee.

The Government intends to have the Bill passed by about the middle of 2017. After that, businesses will have a period of time to prepare for the changes.