Anti-money laundering Bill passes first reading

A Bill to tackle money laundering and curb funding of terrorism has passed its first reading in Parliament today with unanimous support, says Justice Minister Amy Adams.

The Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Amendment Bill will put in place the second phase of the AML/CFT Act.

“By extending the Act to lawyers, conveyancers, accountants, real estate agents, sports and racing betting, and businesses that deal in certain high value goods, we can better prevent and detect money laundering and reduce the impact on victims and the wider community,” says Ms Adams.

“The businesses that will have to comply with the Bill are at particular risk of being targeted by criminals. We have worked with the affected sectors to ensure that the changes strike the right balance between combating crime, minimising costs to business, and meeting international obligations.

“The Bill will align New Zealand with international AML/CFT obligations, and safeguard our reputation as being corruption free and a good place to do business.”

The Bill will now go to the Law and Order Select Committee for further review.  Once the Bill passes, businesses will have a period of time to prepare for the changes.

Information about the Bill can be found here.