The Government is developing law changes that will improve New Zealand’s ability to tackle money laundering and terrorist financing.
The Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Amendment Bill will put in place "Phase 2" of New Zealand's AML/CFT laws.
Each year about $1.3 billion from the proceeds of fraud and illegal drugs is laundered through everyday New Zealand businesses. The proposed reforms aim to put in place practical measures to protect businesses and make it harder for criminals to profit from and fund illegal activity. They’ll also safeguard and help New Zealand live up to our reputation as being corruption free and a good place to do business.
In Phase 2, the Bill will extend the current AML/CFT Act to cover real estate agents and conveyancers; many lawyers and accountants; some businesses that deal in expensive goods; and betting on sports and racing.
The Government intends to pass the Bill about the middle of the year. After that, businesses will have a period of time to prepare for the changes. The law will come into effect in stages for different sectors between July 2018 and July 2019.
Phase 1 of the Act has been in force since 2013. It currently applies to banks, casinos and a range of financial service providers.
If you provide certain types of legal services, you’ll need to comply with the AML/CFT Act. Find out if the proposed reforms affect you, and what you’ll need to do.
If you provide certain types of business services, you’ll need to comply with the AML/CFT Act. Find out what you’ll need to do if the proposed reforms affect you.
All conveyancers will need to put AML/CFT measures in place. Find out how the proposed reforms affect you.
You’ll have to comply with the AML/CFT Act when you represent someone who’s either selling or buying real estate. Learn how the proposed reforms will affect you.
Find out how the proposed reforms affect you if you deal in jewellery, precious metals, precious stones, watches, motor vehicles, boats, art or antiquities.
The New Zealand Racing Board, which administers all racing and sports betting in New Zealand, will need to put AML/CFT measures in place once ‘Phase 2’ of the Act comes into effect.
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