Bell Gully has prepared a practical guide to assist you to understand the Anti-Money Laundering and Countering Financing of Terrorism Bill introduced to Parliament in June.
A draft law aimed at eradicating money laundering and terrorist financing is now before Parliament.
The Anti-Money Laundering and Countering Financing of Terrorism Bill was introduced to Parliament in June 2009, after an extended period of consultation.
This new legislation upgrades the Financial Transactions Reporting Act 1996 and will have significant implications for many businesses in New Zealand. Importantly for Australasian businesses, the bill has substantial alignment with the Australian Anti-Money Laundering and Counter-Terrorism Financing Act 2006. However, there are also a number of areas of divergence between the two countries.
Bell Gully has prepared a practical guide to assist you to understand the bill and to help with compliance planning.
Submissions on the bill closed with the Foreign Affairs, Defence and Trade Select Committee on 6 August 2009. The legislation is expected to be passed into law in the third quarter of 2009. There will then be a two year transitional period before the new regime comes into effect.
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