Final AML/CFT Bill targets criminals, cuts red tape for Kiwis

The fourth and final bill in the Government’s overhaul of New Zealand’s anti-money laundering laws will soon be introduced to Parliament, says Associate Justice Minister Nicole McKee. “The AML/CFT (Omnibus) Amendment Bill represents the most substantial reform of the Anti-Money Laundering and Countering Financing of Terrorism Act since it was passed in 2009,” says Mrs McKee. “For too long, our AML rules have treated ordinary New Zealanders as though they are potential criminals first and customers second. That has meant unnecessary paperwork, delays and frustration for people doing perfectly normal things like establishing a family trust, opening a bank account for their child, or buying and selling property. “The Government has pushed for a system that targets actual risk rather than burying every New Zealander and every business under the same compliance burden. “This Bill delivers that by giving businesses greater flexibility to simplify customer verification where the risk of money laundering or terrorist financing is low. Resources can then be focused where the risks are real. “The Bill also strengthens the tools available to deal with genuinely suspicious activity, including