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

 

Bad Day For Rope: Donaghys Job Losses Another Blow To Dunedin

The loss of 30 jobs from Donaghys rope and twine factory is yet another blow to the people and economy of Dunedin, says Dunedin South Labour MP Clare Curran. More>>

ALSO:

Oil: 2014 New Zealand Petroleum Summit

Simon Bridges: Our abundance of energy and minerals resources provides us with unique opportunities to build the New Zealand economy.

Over the past three years the Government has made significant changes to how the sector is regulated. More>>

ALSO:

WWF Report: Solutions In Reach; World Biodiversity Suffers Major Decline

Global wildlife populations have declined by more than half in just 40 years as measured in WWF's Living Planet Report 2014. Wildlife's continued decline highlights the need for sustainable solutions to heal the planet... More>>

ALSO:

Scoop Business: NZ Dollar Catches Breath After "Goldilocks" Slump

The New Zealand dollar edged up following its dramatic slump yesterday after the Reserve Bank confirmed speculation it intervened in the currency market last month and PM John Key suggested a “Goldilocks” level far lower than at present. More>>

ALSO:

Biosecurity: Kiwifruit Claim To Hold Officials Accountable For Psa

Kiwifruit growers have joined forces to hold Biosecurity NZ accountable in the courts for its negligence in allowing 2010’s Psa outbreak that devastated New Zealand’s kiwifruit industry and exports. Foundation claimants representing well ... More>>

ALSO:

Poison: Anglers Advised Not To Eat Trout In 1080 Areas

With the fishing season opening in just a few days (1 October 2014), anglers are being warned by the Department of Conservation(DOC) not to eat trout from pristine backcountry waters and their downstream catchments, where the department is conducting 1080 poisoning operations. More>>.

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news