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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 responsible for coordinating the development of New Zealand's anti-money laundering and countering the financing of terrorism (AML/CTF) policy.
The Ministry of Justice is currently consulting on a draft Anti-Money Laundering and Countering Financing of Terrorism Bill. Submissions close on 10 October 2008.
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:
- 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: