New Zealand's Ministry of Justice assesses AML/CFT regulation and calls for changes

Friday 8 October 2021 15:39 CET | News

The government of New Zealand has announced its statutory review will release information about how the AML/CFT act has performed since it’s commencement and whether any changes are necessary.

The Ministry of Justice released the consultation document for its statutory review of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act). The Ministry has asked for submissions, or feedback through an online questionnaire, by 5pm on 3 December 2021.

This consultation is a component of the statutory review, which commenced on 1 July 2021 as required under 156A(1) of the AML/CFT Act. It had previously been held up by delays to the Financial Action Task Force (FATF)’s Mutual Evaluation Report of New Zealand’s anti-money laundering and countering financing of terrorism (AML/CFT) system, which was released at the end of April 2021.

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Keywords: regulation, AML, CFT, fraud prevention, FATF
Categories: Fraud & Financial Crime
Countries: New Zealand
This article is part of category

Fraud & Financial Crime

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