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