Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Phase 2 of AML reform set for 2014 and will involve lawyers

Phase two of AML reform set for 2014 and will involve lawyers

Phase two of New Zealand's anti-money laundering reform - which will capture lawyers - is expected to come in some time in 2014.

The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act) was passed in 2009 and comes into full effect on 30 June 2013. It aims to bring New Zealand up to international standards in anti-money laundering efforts to prevent it from becoming a safe harbour for such activities.

Lawyers and incorporated law firms will generally be exempt from the AML/CFT Act, but a second phase is intended to be introduced which will capture lawyers, and other businesses and professions such as accountants, conveyancing practitioners and real estate agents.

There has been little definite information about the timing of the second phase.

In its 1 February 2013 issue, the New Zealand Law Society's fortnightly magazine LawTalk reports Ministry of Justice General Manager Criminal Justice Malcolm Luey as saying phase two "will kick in some time next year".

In a feature on Anti-Money Laundering in New Zealand, LawTalk says initial policy work for phase two of the reform is intended to being in 2014, as one of the work streams in the All-of-Government Response to Organised Crime.

Mr Luey says this work will consider extending AML/CFT measures to designated non-financial businesses and professions such as lawyers, accountants, real estate agents and high value dealers.

"Members of the European Union (such as the United Kingdom) have implemented AML/CFT reform for lawyers," he says. "The Third Anti-Money Laundering Directive, in force since 2005, provides a European framework around the international Financial Action Task Force standards."

LawTalk advises that New Zealand's Financial Transactions Reporting Act 1996 obliges this country’s lawyers to carry out due diligence and report suspicious transactions.

These obligations are intended to continue until phase two of the reform is implemented.


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Fossils: Ancient Penguins Lived Alongside Dinosaurs?

Penguins are much older than previously thought and their evolution probably dates back to the days of the dinosaurs, according to research on the fossilised leg bone and toes of a giant ancient penguin found in rocks near Waipara, North Canterbury. More>>

No Voda/Sky: Commission Declines Clearance For Merger

The Commerce Commission has declined to grant clearance for the proposed merger of Sky Network Television and Vodafone New Zealand. More>>

ALSO:

EARLIER:

Power: IEA Report On New Zealand's Energy System

Outside of its largely low-carbon power sector, managing the economy’s energy intensity and greenhouse gas emissions while still remaining competitive and growing remains a challenge. More>>

ALSO:

NASA: Seven Earth-Size Planets Around A Single Star

NASA's Spitzer Space Telescope has revealed the first known system of seven Earth-size planets around a single star. Three of these planets are firmly located in the habitable zone, the area around the parent star where a rocky planet is most likely to have liquid water. More>>

ALSO:

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news