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Financial Services Law Insights and Observations

New Zealand Ministry of Justice Releases Draft AML/CFT Legislation

International Anti-Money Laundering Miscellany Ministry of Justice Combating the Financing of Terrorism

Federal Issues

On December 13, New Zealand’s Ministry of Justice announced the release of an Exposure Draft of an Anti-Money Laundering and Countering Funding of Terrorism (AML/CFT) Amendment Bill, which will implement certain across-the-board changes to New Zealand’s AML/CFT regulatory scheme. The draft legislation, as categorized by the Ministry of Justice, will extend the AML/CFT laws to cover lawyers, conveyancers, real estate agents, accountants, additional gambling operators, and certain businesses that trade in high-value goods such as cars, boats, jewelry, bullion, art, and antiquities, based on risks on these entities being targeted for money laundering. The proposed changes aim to, among other things, harmonize New Zealand’s AML regime with international standards set by the Financial Action Task Force. The Ministry is accepting comments on the proposed legislation through January 27, 2017.

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