AML/CFT Act review

Closed 3 Dec 2021

Opened 6 Oct 2021

Contact

aml@justice.govt.nz

Results updated 17 Apr 2024

All submissions have been reviewed and summarised

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.

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the Ministry received have been published with personal information redacted, except where the submitter requested we do not publish the submission or keep the submission confidential. The Ministry has also produced a thematic summary of the submissions received.  

Read the summary of submissions

Read the summary of responses received via the online form (Citizenspace)

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. 

Files:

Overview

The Government is reviewing the Anti-Money Laundering and Countering Financing Act 2009 (the Act). The Act helps to keep Aotearoa New Zealand safe from money laundering and terrorism financing, so our country has a trustworthy and legitimate financial system.

This review allows us to ask ourselves: have we got this right? Does the Act cause you any problems?

We want to hear from you about your experiences and how you think we can improve our anti-money laundering laws.

Why your views matter

Money laundering is the process criminals use to 'clean' the money they make from crimes such as fraud, dealing in illegal drugs, and trafficking.

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 believe have weak systems and controls that they can exploit.

Every time someone buys a house or a car, or moves money around to different banks, or sends it back home, it is an opportunity to launder illegal money.

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.

The Act helps to keep Aotearoa safe from money laundering and terrorism financing. 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.

While the anti-money laundering laws are very important, we know that it can make things more difficult, or cause frustration in certain circumstances. We want to hear about people’s experience such as when buying a house or dealing with their bank.

Have we got the balance right about protecting people’s privacy? Businesses need to collect a large amount of personal information from their customers, and we want to make sure the Act protects people's privacy.

How to give feedback

You can have your say by reviewing the Consultation Document and Summary Document and answering the questions in the online survey that are relevant to you, your business or your profession. The survey is divided into sections to make it easier to find the questions you want to answer.

Alternatively, you can:

  • email your feedback to: aml@justice.govt.nz
  • post your feedback to:
    AML/CFT consultation team
    Ministry of Justice
    SX 10088
    Wellington 6140

The closing date for submissions and completed online surveys is 5pm, Friday 3 December 2021. However, if you need more time to respond, please contact us, as we may be able to accommodate you.

What happens to your feedback?

We’ll use your feedback to help advise the Government on how well our anti-money laundering laws are working.

Your survey responses will be anonymised. No names of individuals will be identified.

We may need to release your feedback under the Official Information Act

We may need to release your feedback if we receive an Official Information Act 1982 (OIA) request about this survey. We can withhold personal details under the OIA, including your name and address.

If you don't want us to release any information in your feedback, please state this clearly when you send it to us and explain why. For example, some information may be commercially sensitive or personal. We’ll take your views into consideration when we respond to OIA requests.

You can access and correct your personal information

The Privacy Act 2020 governs how we collect and use your personal information. You have the right to access and correct your personal information.

Supporting information

You can find out more about the current AML/CFT Law from our Consultation and Summary Documents. The Summary Document has been translated into several languages - you'll find these translated documents below.

AML Consultation Document

AML Summary Document

Translated summary documents:

Summary document - Arabic
Summary document - simplified Chinese
Summary document - traditional Chinese
Summary document - Tongan
Summary document - Samoan

Audiences

  • NZ public sector
  • NZ private sector
  • Legal profession
  • Industry Advisory Group (AML)
  • NZ businesses
  • General public

Interests

  • Anti-Money Laundering and Countering Financing of Terrorism