Wellington: New Zealand is strengthening its regime to combat the harmful effects of money laundering and financial terrorism and making it easier for small businesses and consumers to comply, Justice Minister Kiri Allan has announced.
"Our country is a safe place to do business, but we want to do as much as possible to disrupt the criminal economy, and improve how we detect, deter and eliminate money laundering," the minister said in a media release on Monday.
"Money laundering can threaten our international reputation. Because New Zealand is one of the least corrupt countries in the world, it also make us more attractive for international money-launderers," the minister added.
Last year, an evaluation by the Financial Action Task Force found New Zealand was a highly effective international partner contributing to foreign investigations and tenaciously pursuing money laundering globally.
"The Government is now introducing changes aimed at improving our regime, following a review of the Anti-Money Laundering and Counter Financing of Terrorism Act," the minister stated.
"The Act disrupts serious and organised crime, as well as terrorism, by imposing obligations on businesses that provide specific financial and non-financial services, known as reporting entities," the minister added.
Broadly, these obligations require reporting entities to assess their money laundering and terrorism financing risks, identify and know their customers, report suspicious activities and transactions, and maintain various records.
"We’ve listened to businesses and agencies and heard what wasn’t working for them. We’re now taking immediate action to improve the regime’s effectiveness," the minister concluded.
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