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ARTICLE · 19 DECEMBER 2008

Anti-Money Laundering

DLA Piper Australia
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Improvement of New Zealand’s anti-money laundering regime has been on the agenda since the intergovernmental Financial Action Task Force (FATF) reviewed the existing financial transactions reporting regime in 2003, and identified a significant number of areas for improvement.

AustraliaFinance and Banking
Sue Brown
Sue Brown
Tracey Cross
Tracey Cross
Alasdair McBeth
Alasdair McBeth
Rachel Taylor
Rachel Taylor

Improvement of New Zealand's anti-money laundering regime has been on the agenda since the intergovernmental Financial Action Task Force (FATF) reviewed the existing financial transactions reporting regime in 2003, and identified a significant number of areas for improvement.

Five years, and three discussion papers later, the Ministry of Justice released a draft 'Anti-Money Laundering and Countering Financing of Terrorism' Bill (AML Bill) for public consultation in September. The stated aim is to introduce an effective, low-cost regime that allows New Zealand to meet its international obligations.

Key features of the AML Bill can be found in our October Update.

The first round of submissions closed only three weeks after the AML Bill was released and the Ministry is currently undertaking its initial review of the AML Bill. Detailed Cabinet policy decisions are expected to be released in February 2009, along with a summary report on submissions. The Ministry's

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