Anti-Money Laundering and
Countering the Financing of Terrorism 

INDUSTRY UPDATE

Anti Money Laundering Reforms

Associate Minister of Justice, Hon Clayton Cosgrove, has directed Ministry of Justice officials to continue Anti-Money laundering/Counter Terrorist Financing policy development on a time line that now targets introduction of the legislation in April 2009.

Prior to this, the Ministry had an anticipated targeting introduction by September 2008.

Associate Minister Cosgrove has revised the time line in order to give officials full opportunity to consider ways in which compliance costs associated with this reform might be appropriately minimised – particularly in light of the Deloitte Costing Exercise commissioned by the Ministry which is nearing completion.

Minister Cosgrove is also aware that an April 2009 introduction date will enable further refinement of the anti-money laundering policy and legislation through consultation with industry.

We will update you in due course on any further developments.

The International Criminal Law Team

Ministry of Justice

11 July 2008