Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

New anti-money laundering laws introduced

Hon Amy Adams
Minister of Justice

13 March 2017
Media Statement

New anti-money laundering laws introduced


A Bill to tackle money laundering and terrorist financing has been introduced to Parliament today by Justice Minister Amy Adams.

The Anti-Money Laundering and Countering Financing of Terrorism Amendment Bill will bolster New Zealand’s existing anti-money laundering laws, which help protect businesses and make it harder for criminals to profit from and fund illegal activities.

“This puts in place the second phase of the Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT), which we fast-tracked work on last year,” says Ms Adams.

“Money laundering allows criminals to fund their lifestyle and it fuels re-investment in criminal ventures. Extending the law will improve our ability to prevent, detect and prosecute many types of criminal activity and help protect New Zealand’s reputation as a good place to do business.”

The Amendment Bill extends the Act to lawyers, conveyancers, accountants, real estate agents, and sports and racing betting. Businesses that deal in certain high value goods, including motor vehicles, jewellery and art, will also have obligations under the Act when they accept or make large cash transactions.

Ms Adams says the Bill strikes the right balance between combating crime, minimising the cost of compliance and meeting international obligations.

“It is estimated that the reforms in this Bill could disrupt up to $1.7 billion in fraud and drug crime over the next 10 years. Estimates also suggest they may prevent up to $5 billion in broader criminal activity and reduce about $800 million in social harm related to the illegal drug trade.

“Over the past several months, we have worked with affected sectors to better understand how the changes will impact their businesses and refined options to help them meet their obligations. This has significantly reduced the predicted compliance costs – the initial estimate of up to $1.6 billion over 10 years has been lowered to between $800 million and $1.1 billion.”

Businesses will have a period of time to prepare for the changes. The Government will provide guidance and information to help businesses understand, prepare for and comply with the law.

ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Not Easy: Gordon Campbell On The Greens’ Ongoing Problems

Hard to treat the Greens’ belated decision to stand a candidate in Ohariu as being anything other than a desperation move, by a party whose own leadership is evidently concerned about its chances of survival...

A few months ago, the Greens felt able to forego that role in Ohariu in order to help a beleaguered Labour Party get its candidate Greg O’Connor across the line, and knock Peter Dunne out of the parliamentary frame. More>>

 

Gordon Campbell: On DHB Deficits And Free Trade

Currently the world is looking on aghast at the Trump administration’s plans to slash Obamacare, mainly in order to finance massive tax changes that will deliver most of their gains to the wealthy. Lives will be lost in the trade-off. Millions of Americans stand to lose access to the healthcare they need... More>>

Greens' Response: Slum-Like Rentals Exposed In Renting Review

“...The grim findings of the review are a wakeup call about the true state of rentals in this country. Too many renters are festering in slum-like conditions under the thumb of landlords who have largely unchecked powers and ignore tenants’ complaints when it suits them.” More>>

ALSO:

Gordon Campbell: On The Life And Times Of Peter Dunne

The unkind might talk of sinking ships, others could be more reminded of a loaded revolver left on the desk by his Cabinet colleagues as they closed the door behind them, now that the polls in Ohariu had confirmed he was no longer of much use to National. More>>

ALSO:

Gordon Campbell: On Labour’s Campaign Launch

One of the key motifs of Ardern’s speech was her repeated use of the phrase – “Now, what?” Cleverly, that looks like being Labour’s response to National’s ‘steady as it goes’ warning against not putting the economic ‘gains’ at risk. More>>

ALSO:

Lyndon Hood: Social Welfare, Explained

Speaking as someone who has seen better times and nowadays mostly operates by being really annoying and humiliating to deal with, I have some fellow feeling with the current system, so I’ll take this chance to set a few things straight.. More>>

ALSO:

Deregistered: Independent Board Decision On Family First

The Board considers that Family First has a purpose to promote its own particular views about marriage and the traditional family that cannot be determined to be for the public benefit in a way previously accepted as charitable... More>>

ALSO:

Transport Policies: Nats' New $10.5bn Roads Of National Significance

National is committing to the next generation of Roads of National Significance, National Party Transport Spokesperson Simon Bridges says. More>>

ALSO:

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election