Legislation to extend the Anti-Money Laundering and Countering the Financing of Terrorism regime has been introduced.

There has been strong public support for the introduction of more stringent anti-money laundering rules in New Zealand.

New guidelines for reporting entities under the Anti-Money Laundering and Countering Financing of Terrorism regime.

A compulsory public register of company and limited partnership beneficial ownership in NZ should be firmly rejected.

All 'reporting entities' are required to file an annual AML/CFT report on their risk assessment and compliance programme.

Phase 2 of the legislation extends to cover other professions such as lawyers, accountants and real estate agents.

This new Bill forms part of the "all of Government" response programme to prevent calculated, serious crimes for profit.

Lawyers need to be "gatekeeper" as they are a service provider undertaking a large amount of financial transactions.

Finance Minister Bill English and Revenue Minister Michael Woodhouse announced the government will be acting on all recommendations from the Shewan Inquiry.

In 2017, the FMA's particular focus will be on AML/CFT documentation, and the level of management and board oversight.

You should be prepared for potential delays if you are planning to sell New Zealand property to an off-shore person.

The Act has a range of sanctions for non-compliance, from warnings to injunctions, substantial fines and imprisonment.

Recent amendments aim to prevent money laundering and terrorism financing within various businesses and professions.

The proposed exemptions will remove some considerable duplication in the AML requirements for financial intermediaries.

The scope of the consultation paper on the Phase Two implementation of the AML regime indicates possible broad changes.

A recent UK judgment may make it easier for victims of fraud to trace property through complex money laundering schemes.

Compliance with the AML/CFT Act will be made easier through exemptions proposed in a recent consultation document.

New Zealand's anti-money laundering and counter-financing of terrorism framework is undergoing significant transformation as the Department of Internal Affairs assumes sole supervisory authority with enhanced enforcement capabilities. The reforms introduce risk-based compliance settings, extended reporting timeframes, and stricter obligations for reporting entities to align their risk assessments with regulatory perspectives.

The new disclosure requirements for New Zealand (NZ) foreign trusts will come into effect on 30 June 2017 for existing foreign trusts.

Following the release of a draft Bill for public consultation in September 2008, and the recent publication of Cabinet papers and a regulatory impact statement, the Anti- Money Laundering and Countering Financing of Terrorism (AML/CFT) Bill (Bill) has finally been introduced to Parliament.