The long awaited review of the Ministry of Justice’s Review of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 was released in November 2022. It produced 215 recommendations.

An OIA by TINZ reveals that there is very little data available about the activities of trusts in New Zealand. This limited data highlights the need for more information about these arrangements to increase protection against criminals using New Zealand’s opacity to launder money and hide corruptly gained assets.

The West can no longer allow its financial systems to enable dirty money flows around the globe. Now is the time for governments to put a full stop to the dirty money that fuels corruption and conflict.

Organisations around the world are scrambling to quickly identify customers recently added to sanctions lists. They are discovering just how challenging this is through the jungle of opaque ownership.

Rules announced this week include the requirement for beneficial ownership registries to tackle money laundering.

TINZ’s submission on the AML/CFT legislation is important – there are very few organisations that can try to speak for the victims of money laundering and encourage the necessary institutional response on their behalf.

TINZ focuses on building resilience to corruption through institutional measures, and that theme runs through our submission points. We consider the global efforts to improve AML/CFT legislation to be one of the most significant mechanisms to tackle what is truly a global crime problem, and unashamedly advocate for it to be continuously strengthened.

The Pandora papers data leak brings renewed scrutiny to New Zealand’s role in the offshore industry exposed by an earlier leak, the Panama papers in 2016. Changes to the trust regime in 2017 appear to have reduced the use of New Zealand based offshore trusts for corrupt uses. The Financial Action Task Force and TINZ are calling for still more transparency.

The Financial Action Task Force peer review of New Zealand’s regulatory landscape for anti-money laundering and countering the financing of terrorism was just released. Gaps remain in New Zealand’s approach particularly with regards to persons of interest and tracking of beneficial ownership.

The Department of Internal Affairs (DIA) announced a new criminal conviction under the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act. This is a small positive outcome to an issue that is daunting to authorities around the world and within New Zealand.

On 1 January, 2021 the US Congress passed the Anti-Money Laundering Act of 2020 (AMLA), the first major money laundering reform in 20 years. The Act creates a beneficial ownership registry and modernises whistleblower protections.