Draft 'Anti-Money Laundering and Countering Financing of Terrorism Bill' released for consultation

The New Zealand Ministry of Justice has released a draft 'Anti-Money Laundering and Countering Financing of Terrorism Bill' (AML/CFT Bill). The Bill will apply to financial institutions and casinos and is expected to be introduced in Parliament in April 2009.

The Bill represents phase one in the introduction of a new regulatory framework designed to detect and deter money laundering and prevent the financing of terrorism in New Zealand. Phase two of the regime will involve extending coverage of the Bill to other designated non-financial businesses and professions, including lawyers, accountants and real estate agents.

Key features of the Bill are summarised in this Update.