AML/CFT Amendment Bill

The Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Amendment Bill will put in place “Phase 2” of New Zealand’s AML/CFT laws. It will extend the AML/CFT Act to more businesses that are at high risk of being misused by criminals.

Businesses in the following sectors may have to put AML/CFT measures in place: real estate agents and conveyancers; many lawyers and accountants; some businesses that deal in expensive goods; and betting on sports and racing.

Some of the proposed reforms will also affect Phase 1 businesses.

Next steps

People and organisations with an interest in the Bill can make submissions while it is considered by a Parliamentary select committee.

The Government intends to pass the law about the middle of the year. After that, businesses will have a period of time to prepare for the changes. The reforms will come into effect in stages:

  • lawyers and conveyancers by no later than 1 July 2018.
  • accountants by no later than 1 October 2018.
  • real estate agents by no later than 1 January 2019.
  • high value dealers and the New Zealand Racing Board (which administers sports and racing betting) by no later than 1 July 2019.

Previous consultation

The proposals in the Bill were informed by a consultation, which took place in August and September 2016, and by submissions on an exposure draft of the Bill, which was released in December 2016.

Find out more about that consultation, including the submissions received. (external link)

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