Anti-money laundering and countering financing of terrorism

New Zealand $10, $20 and $50 bank notes

New legislation

The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act) is currently expected to come into effect early 2013. The Department of Internal Affairs will be supervising casinos, non-deposit taking lenders, money changers, money remitters, payroll remitters, debt collectors, factors, financial leasors, safe deposit box vaults, non-bank credit card providers, stored value card providers and cash transporters.

Information for reporting entities

The purpose of the AML/CFT Act is to:

detect and deter money laundering and the financing of terrorism
contribute to public confidence in the financial system
maintain and enhance New Zealand’s international reputation.

Go to the Ministry of Justice
The Ministry of Justice is responsible for drafting and administering AML/CFT legislation.
Go to the Reserve Bank of New Zealand
The Reserve Bank will supervise banks, life insurers and non-bank deposit takers.
Go to the Financial Markets Authority
The Financial Markets Authority will supervise issuers of securities, trustee companies, futures dealers, collective investment schemes, brokers and financial advisers.
Go the New Zealand Police
The New Zealand Police Financial Intelligence Unit investigates suspicious financial transactions.

The Department of Internal Affairs

Te Tari Taiwhenua

Building a safe, prosperous and respected nation

Anti-money laundering and countering financing of terrorism

New legislation

i.govt.nz