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The Fiducia team's latest views on AML/CFT in New Zealand

New Zealand Business, Money Laundering Risks, Regulators, Phase 2/ 2017-06-21T11:34:19+00:00 May 31st, 2016|

Changes Afoot to AML Legislation

Expansion of the New Zealand Anti-Money Laundering and Counter Funding of Terrorism Act 2009 (AML/CFT Act) appears in be in train.

Prime Minister John Key’s statement on Monday 30 May indicates that Phase Two of the AML/CFT Act is close to being implemented. The expansion of the legislation would expand those currently captured by the AML/CFT Act to include professions and businesses dealing in high-value goods, such as lawyers, accountants, conveyancing practitioners and real estate agents.

While Phase Two has long been expected, the fallout from the Panama Papers appears to be the catalyst for the New Zealand central government’s hurrying up of the work. On Monday Key said:

“There’s no question that, as a result of debate around the Panama Papers and the wider public debate globally about this issue, we’re certainly trying to push part two of that through as quickly as we can.”

He expects to see the changes to the AML/CFT Act ready for mid-2017.

Interested in how the changes to the AML/CFT Act will affect you and your business? Drop us a line at information@fiducia.co.nz.

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