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Anti-money laundering legislation

​Chapman Tripp comments on the changes to New Zealand's anti money laundering regime.
 

New organised crime and anti-corruption regime

10 November 2015

The Organised Crime and Anti-corruption Legislation Bill has been split into 15 amendment Acts and passed. They will bring New Zealand into line with international conventions. Most of the Acts are already in effect. The exceptions are the AML/CFT Amendment Act, which does not come into force until July 2017, and minor changes relating to criminal law.

Anti-money laundering – a development for managing intermediaries

06 August 2014

The Ministry of Justice is seeking feedback on the proposed Ministerial exemption for “managing intermediaries” (reporting entities who transact with other reporting entities) under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act).

Organised Crime and Anti-corruption Bill introduced

30 June 2014

The Organised Crime and Anti-corruption Legislation Bill will bring New Zealand into line with international conventions and responds to recommendations from the OECD and the US around tightening our defences against organised crime.

Scope of AML/CFT Act for issuers and participants in issues

31 October 2012

Issuers and participants in securities issues can be more certain of how the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 will affect them following the release last week of guidance from the Financial Markets Authority.

Will you qualify for an exemption under the new AML/CFT regime?

01 August 2012

Compliance with the new Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT Act) will be made easier through a series of exemptions proposed in a consultation document just out. We suggest you explore whether your business would benefit from an exemption. Submissions close on 17 August.

Who am I? AML/CFT Identity Verification Code of Practice 2011

08 September 2011

The first Code of Practice under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 applies to name and date of birth verification for low to medium risk customers. This Brief Counsel summarises the detail. Much of the content of the Code was signalled in the August AML/CFT Consultation Document. The increased certainty it brings will be welcomed by entities in compliance planning following the recent implementation of the regulations, with the “go-live” date of 30 June 2013 looming large.

Anti-money laundering regulation - the detail at last

04 July 2011

Business now has increased certainty regarding the application of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML) with the setting of the commencement date and the release of supporting regulations. All businesses subject to the regime will need to be compliant on and from 30 June 2013. Many financial market participants will be just drawing breath after the implementation of the Financial Advisers Act 2008. The compliance deadline for AML now looms large as the next big challenge not just for the finance sector, but for other sectors as well (including casinos).

Victoria Stace authors one of a kind securities law textbook

22 December 2010

Chapman Tripp Consultant Victoria Stace has authored New Zealand’s first comprehensive securities law textbook in over 20 years.

Financiers get new powers to prevent identity fraud

07 September 2010

Agencies affected by the Anti Money Laundering and Countering Financing of Terrorism Act (AML/CFTA) will be given new powers for the performance of customer due diligence in the Identity Information Confirmation Bill now before Parliament. This Brief Counsel provides a commentary on the Bill.

Can your charity escape the anti-money laundering regime?

24 August 2010

If your charity is at risk of being caught by the provisions of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (the Act), you should be seeking advice now on whether you could qualify for an exemption. The Act will not come fully into effect until late 2012 but the Ministry of Justice has advised charitable organisations which think they might be affected to start preparing for it now. This Brief Counsel looks at the Act and at the exemption process.

Anti-Money Laundering regulations and codes of practice proposed

11 August 2010

The Ministry of Justice has now released its consultation document on first priority matters in relation to the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (the AML/CFT Act). This provides an important opportunity to influence key design elements of the new regime, including which entities and transactions should be exempt, various applicable threshold values, customer due diligence (CDD), third party reliance and designated business group issues, and annual reporting requirements. But timing is tight: submissions close on 6 September 2010. This Brief Counsel summarises the key changes to the AML/CFT Act.

Anti-money laundering regulations and codes of practice proposed

17 March 2010

The Ministry of Justice is developing a set of proposals for release in May on first priority matters in relation to the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. The Ministry has provided an early guide to its thinking in a preliminary scoping paper and will incorporate any feedback from this into the May discussion document. This Brief Counsel summarises the contents of the preliminary paper. We will provide a more comprehensive analysis of the detailed consultation document when it is released in May.

Anti-Money Laundering and Countering Financing of Terrorism Bill significantly amended

22 September 2009

Significant amendments are recommended to the Anti-Money Laundering and Countering Financing of Terrorism Bill in the report back last week of the Foreign Affairs, Defence and Trade Select Committee. This article outlines the changes.

Anti-Money Laundering Bill

07 July 2009

The Anti-Money Laundering and Countering Financing of Terrorism Bill is now before the Foreign Affairs, Defence and Trade Select Committee with submissions due by 6 August 2009.

Connected Asia Pacific - July issue

07 July 2009

Welcome to the third issue of Connected Asia Pacific, Chapman Tripp's monthly Brief Counsel focused on developments in international trade, investment and arbitration in the Asia Pacific region.

Money laundering, and what New Zealand is doing about it

25 September 2008

The Ministry of Justice has just released an exposure draft of the Anti-Money Laundering and Countering Financing of Terrorism Bill. Many affected parties will have to pour considerable energy and resource into getting their business systems sorted out to comply with the rigours of the new law. In this issue of Counsel we look at the implications of the draft Bill.

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