Parliament

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

 

Anti-money laundering regulation released

Lawyers, conveyancers, real estate agents to come under anti-money laundering and countering financing of terrorism regulations

Lawyers, conveyancers, real estate agents and the Racing Board will come under the latest anti-money laundering and countering financing of terrorism regulations, Justice Minister Andrew Little announced today.

“The first tranche of Regulations to support implementation of the 2017 amendments to the AML/CFT Act 2009, referred to as Phase 2 AML/CFT Reforms, have been approved by Cabinet. It will be gazetted today 21st December 2017.

“The AML/CFT Act has been in force since 2013, applying to banks, casinos, a range of financial service providers and some trust and company service providers covered under Phase 1.

“The Phase 2 reforms make some technical changes to businesses covered in Phase 1 and extend the AML/CFT regime to cover a wider group of businesses at risk of being targeted by criminals to launder money and finance terrorism.

“These businesses include lawyers and conveyancers, new trust and company service providers, accountants, real estate agents, the New Zealand Racing Board and certain businesses that deal in high value goods.

“People with criminal intentions value anonymity and are looking for ways to distance themselves from their activities while still enjoying the proceeds of their crime.

“Evidence suggests that using gatekeepers like lawyers and conveyancers is a way for criminals to create a false perception of legitimately acquired wealth.

“Implementation is over two years to allow sufficient time and support for businesses who have new responsibilities under the Act. Lawyers and conveyancers are the first cab off the rank and are bound by the Act from 1 July 2018. They have been supported by the publication of specific guidance and a sector risk assessment for Phase 2 businesses.

“The first tranche of Regulations supports implementation of the 2017 reforms such as coverage, under the AML/CFT regime, of lawyers and conveyancers.

“The Regulations also, for example, set out requirements for reporting on ‘suspicious activities’ to Police, which apply to both Phase 1 and Phase 2 businesses. A second tranche of Phase 2 Regulations will be developed in 2018,” says Andrew Little.

Media contact: Jodi Ihaka 021 883 487

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Malaysia Exposing Our Dodgy Policies On China

Last week, we all owed a vote of thanks to Malaysian PM Mahathir Mohamad for breaking with protocol during his bilateral meeting in Singapore with New Zealand PM Jacinda Ardern. Reportedly, Mahathir used the photo opportunity phase of the meeting – which usually involves just an exchange of smiles and pleasantries before the media is sent out of the room – to launch into matters of genuine substance.

By doing so, Mahathir usefully exposed how New Zealand is trying to make a virtue out of sitting on the fence over the South China Sea dispute. More>>

 

Health: Changes To Drinking Water Standards

David Clark said many of the changes he is making, which will take effect on 1 March 2019, are clarifications or corrections, “but there are two changes which will significantly improve the ability to test and respond to the presence of harmful bacteria such as E.coli”. More>>

ALSO:

IPCA: Police Detention "Unlawful But Reasonable"

The Independent Police Conduct Authority has found that while Police acted unlawfully in October 2017 when they detained a Queenstown man for a mental health assessment, their actions were reasonable in the circumstances. More>>

ALSO:

Joint Statement: Chile President's NZ Visit

At the invitation of the Right Honourable Jacinda Ardern, Prime Minister of New Zealand, His Excellency the President of the Republic of Chile, Sebastián Piñera, undertook a State Visit to New Zealand on 19 November 2018... More>>

ALSO:

Climate Change: Top Academics Call On Government To Take Action

One hundred and fifty academics and researchers from around Aotearoa, including Dame Anne Salmond, Emeriti Professors and several Fellows of the Royal Society, have signed a strongly-worded open letter to the Government demanding bold and urgent action to tackle climate change. More>>

ALSO:

Teacher Qualifications, Class Sizes: Ten Year Plan For Early Learning

“Moving towards 100 percent qualified teachers in early childhood education centres and improving adult:child ratios are among some of the key proposals for change put forward by the sector and experts in the new draft ten year strategic plan for early learning,” Chris Hipkins said. More>>

ALSO:

Teacher Strikes: Meeting, March And Rally In Wellington

Throughout the Wellington region the NZEI rolling strikes entered their final day Friday. Thousands of teachers met in Wellington, Kapiti, Porirua and the Wairarapa. More>>

ALSO:

14/11: Two Years’ Progress Since The Kaikoura Earthquake

Mayor John Leggett said it was a day for reflection, but also a time to recognise the work by many people to support progress towards recovery made across Marlborough since November 2016. More>>

ALSO:

Pike River: Mine Drift Re-Entry Plan To Proceed

“I’ve decided the Te Kāhui Whakamana Rua Tekau Mā Iwa - Pike River Recovery Agency, recommended course of action to enter the drift, using the existing access tunnel, is by far the safest option,” said Andrew Little. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels