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

 

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Crown Accounts: NZ Government Deficit Smaller Than Expected In First Half

The New Zealand government's operating deficit was smaller than expected in the first six months of the financial year, as the consumption and corporate tax take rose ahead of forecast in December, having lagged estimates in previous months. More>>

ALSO:

Fruit & Veg Crackdown: Auckland Fruit Fly Find Under Investigation

The Ministry for Primary Industries (MPI) is investigating a find of a single male Queensland fruit fly in a surveillance trap in the Auckland suburb of Grey Lynn... MPI has placed legal controls on the movement of fruit and some vegetables outside of a defined circular area which extends 1.5km from where the fly was trapped in Grey Lynn. More>>

ALSO:

Scoop Business: Westpac NZ Reaches $2.97M Swaps Settlement

Westpac Banking Corp’s New Zealand unit has agreed to pay $2.97 million in a settlement with the Commerce Commission over the way the bank sold interest rate swaps to farmers between 2005 and 2012. More>>

ALSO:

Going Dutch: Fonterra Kicks Off $144M Partnership With Dutch Cheese Maker

Fonterra Co-operative Group, the world’s largest dairy exporter, has commissioned a new dairy ingredients plant in Heerenveen, in the north of the Netherlands, its first wholly-owned and operated ingredients plant in Europe. More>>

ALSO:

Scoop Business: NZ Retail Sales Beat Estimates

New Zealand retail sales rose more than expected in the fourth quarter, led by vehicle-related transactions, food and beverages, adding to evidence that cheap credit and a growing jobs market are encouraging consumers to spend. More>>

ALSO:

Delivery Cuts Go Ahead: 'Government Money Grab' From NZ Post

"It's a money grab by the Government as the shareholder of New Zealand Post" says Postal Workers Union advocate Graeme Clarke about the changes announced by NZ Post. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news