New Zealand accelerating Phase II Anti-Money Laundering

Prime Minister John Key and Justice Minister Amy Adams have announced accelerated plans to implement Phase II of the Anti-Money Laundering and Countering Financing of Terrorism Act.

“Our laws aim to detect and deter money laundering and financing of crime and terrorism. By flushing out financial transactions stemming from the proceeds of crime, we can stop criminals funding and profiting from illegal activities. I announced in mid-2015 that we had kicked off the early stages of work on the next phase of AML to include other professions, such as lawyers, accountants, and real estate agents. It’s my intention to fast-track these reforms and introduce a Bill to Parliament later this year, which I aim to pass by July 2017, with implementation to follow as soon as practically feasible,” said Adams.

Phase II was promised shortly after the passage of the initial AML act in 2013. It was pushed to the back burner until the furore caused by the Panama Papers forced it to the front. There are expert officials and consultants actively involved in drafting this legislation.

TINZ will monitor progress and advocate for solutions that deter criminals and corrupt individuals from using New Zealand as a conduit for cleaning their assets and reputations.


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