The “new” world of Anti-Money Laundering and Countering Financing of Terrorism

Welcome to the “new” world of Anti-Money Laundering and Countering Financing of Terrorism.

1 July 2018 marked the day when New Zealand’s anti-money laundering regime starts to expand, to provide much-needed protection against money launderers and terrorism financers.

From this date, lawyers and conveyancers undertaking captured activities need to be compliant with the obligations under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. Other professions, such as accountants and real estate agents, are also being progressively brought into the new regime.

The Department of Internal Affairs Director, AML Group, Mike Stone, says that the Department‘s approach is to help lawyers and conveyancers be aware of money laundering and terrorism financing risks and to provide guidance and support to help protect themselves and their businesses.

“Our goal is for all reporting entities to comply with their obligations under the Act – the sooner everyone is able to comply, the sooner we all start making it much harder for criminals to take advantage,” he says.

The Department is confident that its responsive regulatory approach works and it will help lawyers and conveyancers to meet their ongoing obligations.

The DIA website contains codes of practice and guidelines to help lawyers and conveyancers understand and meet their obligations (see https://www.dia.govt.nz/diawebsite.nsf/wpg_URL/Services-Anti-Money-Laundering-Codes-of-Practice-and-Guidelines?OpenDocument).

The “Lawyers and Conveyancers Guideline” is specifically designed to help lawyers and conveyancers develop awareness of money laundering and terrorism financing and build their compliance programmes to meet their obligations under the AML/CFT Act (see https://www.dia.govt.nz/diawebsite.nsf/Files/Lawyers-and-Conveyancers-Complying-with-the-AMLCFT-Act-2009/$file/Lawyers-and-Conveyancers-Complying-with-the-AMLCFTAct-2009.pdf). You can also contact the DIA by email at amlcft@dia.govt.nz, or free phone: 0800 257 887 (New Zealand only).

For further interim advice on simplified customer due diligence on registered banks, please visit /for-the-profession/news-and-opinion/2018/6/29/dia-provides-interim-advice-on-simplified-customer-duediligence-on-registered-banks/. ADLS’ AML/CFT Toolkit Series I and II are also available to practitioners as On Demand CPD, either in composite packages or individually.

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