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Anti-Money Laundering and
Countering the Financing of Terrorism
Welcome to the Ministry of Justice's Anti-Money Laundering and Counter-Terrorist Financing webpage.
The Ministry of Justice is leading the development of New Zealand's anti-money laundering and countering the financing of terrorism (AML/CFT) policy.
Cabinet has made decisions on proposed legislation to be introduced shortly. AML/CFT legislation will be enacted as soon as practicable to help ensure that New Zealand meets international AML/CFT standards. The Cabinet papers and accompanying regulatory impact statement are available online.
Information is available on the following topics:
- The nature of money laundering
- Methods of money laundering
- New Zealand's legislative provisions relating to money laundering
- The Financial Action Task Force (FATF)
- The Asia Pacific Group on Money Laundering (APG)
- Non-Cooperative Countries and Territories
- New Zealand and the FATF
- Why compliance with the FATF Recommendations is important
- Review of the Financial Transactions Reporting Act 1996
- Submissions on the second discussion document regarding new anti-money laundering proposals
- Submission on the third discussion document (Supervisory Framework)
- AML Compliance Update - February 2008
- AML Compliance Update - March 2008
- AML Compliance Update - July 2008
- Draft Anti-Money Laundering and Countering Financing of Terrorism Bill
- Relevant links
The following key documents relevant to New Zealand's AML/CFT initiatives are:
- Cabinet papers and accompanying regulatory impact statement considered by Cabinet in April 2009.
- Summary of submissions received (PDF, 47KB) on the draft Anti-Money Laundering and Countering Financing of Terrorism Bill.
- Draft Anti-Money Laundering and Countering Financing of Terrorism Bill published for consultation in 2008.
- Ministry of Justice's third discussion document: Anti-Money
Laundering And Countering The Financing Of Terrorism: Supervisory
Framework. (PDF,
169KB). The third discussion document outlines a framework for
regulating and supervising businesses to ensure effective compliance
with AML/CFT requirements. It seeks submissions from stakeholders.
Submissions close on 30 November 2006.
- Ministry of Justice's second discussion document: Anti-Money
Laundering and Countering the Financing of Terrorism: New Zealand's
Compliance with FATF Recommendations (PDF, 172KB). This second discussion document provides details of the
preliminary proposals to implement FATF AML/CFT measures and seeks
comments from affected industry.
- Ministry of Justice's first discussion document: Money
Laundering and New Zealand's Compliance with FATF Recommendations (PDF, 239KB). This paper requests
comments from affected industry in response to the Government's initiative to implement FATF AML/CFT measures.
- International Monetary Fund's Report: New
Zealand: Report on Observations of Standards and Codes, FATF
Recommendations for Anti-Money Laundering and Combating the Financing
of Terrorism (ROSC).(PDF,
183KB). This report evaluates New Zealand against the FATF
anti-money laundering and terrorist financing recommendations.
- 2006 New Zealand Report
to the Asia/Pacific Group on Money Laundering outlines
Government initiatives undertaken since July 2005 to counter money
laundering and terrorist financing. (PDF,
91KB).
- 2005 New Zealand Report to the Asia/Pacific Group on Money Laundering outlines Government initiatives undertaken between June 2004 and July 2005 to counter money laundering and terrorist financing. (PDF, 91KB)
Key media releases from the Minister of Justice:
- 16 February 2005 - Goff tightens money laundering, terrorist financing laws (PDF, 6KB)
- 12 August 2005 - Report confirms need for more counter-terrorist regulation (PDF, 15KB)
- 7 June 2006 - Anti money laundering reforms open for discussion (PDF, 688KB)
- 18 October 2006 - Proposed Framework to Prevent Money Laundering and Terrorism Financing (PDF, 472KB)
Hon Clayton Cosgrove's comments about the Government's new anti-money laundering proposals: