Expanded reporting obligation in AML regime?

The scope of the consultation paper on the Phase Two implementation of the anti-money laundering (AML) regime indicates that broad changes are in prospect.

We look at some of the likely outcomes.

A key focus of the review is the extent to which real estate agents, accountants, lawyers, conveyancers, the gambling sector and some high-value goods dealers will be brought within the Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT Act). This is the so-called "Phase Two" of the AML regime.

But the Ministry of Justice (MOJ) is also consulting on a number of broader changes including whether:

• reporting to the Police Financial Intelligence Unit (FIU) should be expanded to include – for example – actual or proposed transactions outside New Zealand