Anti-Money Laundering Articles

TINZ recommendations on the Phase 2 Countering Financing of Terrorism (AML/CFT) Law Reforms Exposure draft amendment Bill

26 January 2017

George White

George White

TINZ Staff Member responsible for Social Networking and Research

Phase 1 of the AML/CFT laws came into effect in 2013, covering businesses such as banks, casinos, certain trust and company service providers and certain financial advisers, among others. TINZ strongly supports the fast tracking of the AML provisions that prevent the negative impact of money laundering in this country.

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Phase 2 AML/CFT exposure draft amendment Bill

18 December 2016

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.

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Anti money laundering news

13 October 2016

International AML News – Hundreds of properties could be seized in UK corruption crackdown

In Britain a new criminal finances bill will include an ‘unexplained wealth order’ forcing suspects to disclose source of their assets. This bill is designed to close a loophole which has left the authorities powerless to seize property from overseas criminals unless the individuals are first convicted in their country of origin.

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AML Phase II Detailed Submission

16 September 2016

Improving New Zealand’s ability to tackle money laundering and terrorist financing. Ministry of Justice Consultation Paper on Phase Two of the AML/CFT Act.

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Anti money laundering phase 2

12 September 2016

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Shewan Inquiry on foreign trusts

5 July 2016

The Government Inquiry into Foreign Trust Disclosure Rules conducted by John Shewan (the Inquiry) was released last week. Transparency International New Zealand (TINZ) is pleased with the widened scope and clear set of recommendations about what the Government needs to do to tighten up foreign trusts. The Inquiry contains considerable contextual information that should be read by officials, businesses and civil society organisations (see http://www.treasury.govt.nz/publications/reviews-consultation/foreign-trust-disclosure-rules)

The Panama Papers highlighted a range of fundamental transparency and risk areas,

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TINZ Submission Shewan Inquiry

20 May 2016

TINZ submission to the Shewan Inquiry calling on the government to widen the terms of reference to protect New Zealand’s reputation and future proof our laws following the release of the “Panama papers”.

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Building an anti-money laundering culture

26 April 2016

By Tim Goodrick, Senior Manager, Forensic, KPMG, TINZ Board Member with Delegated Authority for AML, OECD, UNCAC

The implementation of effective anti-money laundering and countering financing of terrorism (AML/CFT) controls are part of the requirements of the new organisations crime and anti-corruption legislation – 15 Acts that passed into law last November. Even once they are formally implemented,

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Panama cabals to Smurfing in NZ

25 April 2016

From Panama’s cabals at the canal to smurfing in NZ

By Ferdinand Balfoort, from Northumbria

Some of us may have encountered some odd groups of Smurfs walking by in Auckland lately. Those sufficiently alert among us may have also noted the bulging briefcases they carried. The long-term impact of their activities in our Land of the Long White Cloud may in future include us collectively paying our rent to,

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Unaoil

25 April 2016

New Zealand shell company involved in multimillion-dollar bribery operation

Shortly before news about the Panama Papers broke, a leak of Unaoil’s email cache revealed “that billions of dollars of government contracts were awarded as the direct result of bribes paid on behalf of firms including British icon Rolls-Royce, US giant Halliburton, Australia’s Leighton Holdings and Korean heavyweights Samsung and Hyundai.”

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