If you are a lawyer, accountant, real estate agent, conveyancer,
high-value goods dealer, or gambling service provider
(Phase 2 Entities), it is important that you have
an implementation plan for Phase 2 of the Anti-Money Laundering and
Counter Financing of Terrorism Act 2009 (AML/CFT
Act).
Following the Panama Papers scandal, there has been strong
public support for the introduction of more stringent anti-money
laundering rules. According to a Ministry of Justice, of criminal
funds being laundered in New Zealand, 56% involves the purchase of
real estate and 25% involves the work of lawyers and
accountants.
Phase 2 of the AML/CFT Act is currently being considered by the
Ministry of Justice. An exposure Bill was expected to be introduced
at the end of this year, but has been postponed to early 2017 due
to the expected significant high compliance costs for Phase 2
Entities (an estimated $1.6 billion over 10 years). The target
implementation date is July 2017, and
