Money Laundering Stock Photo

Phase 2 AML/CFT exposure draft amendment Bill

Consultation on Phase 2 is ongoing through to 27 January, 2017.

The Government is developing law changes that will improve New Zealand’s ability to tackle money laundering and terrorist financing.

It is planning to extend the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act to more businesses that evidence shows are at high risk of being misused by criminals.

The proposed reforms aim to put in place practical measures to protect businesses and make it harder for criminals to profit from and fund illegal activity. They will also safeguard and help New Zealand live up to its reputation as being corruption free and a good place to do business.

Phase 2 will extend the laws to cover real estate agents, conveyancers, many lawyers, accountants, and some additional gambling operators and some businesses that trade in high-value goods such as cars, boats, jewellery, bullion, art and antiquities.

Global evidence shows these businesses are at high risk of being targeted by criminals to launder money.

The proposed changes aim to strike a balance between combating crime, minimising costs and enabling New Zealand to meet its international obligations.

Visit the Ministry of Justice website: for an overview see Tackling money laundering and terrorist financing and Phase 2 AML/CFT exposure draft amendment Bill for details follow the submission instructions to get your submission in before 28 February 2017.

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