Deadline set for new money laundering laws
Finance companies, casinos, financial advisers and a range of other organisations have two years to comply with new rules.
Finance companies, casinos, financial advisers and a range of other organisations have two years to comply with new anti-money laundering rules under a commencement order.
The Anti-Money Laundering and Countering Financing of Terrorism Act carries reporting requirements which Justice Minister Simon Power says are a vital part of the global fight against organised crime.
He said the two-year period was to give institutions time to prepare for the new system.
"The Act aims to ensure that New Zealand is not a safe haven for criminals and tax evaders and that our financial sector continues to be attractive to investors," he said.
Supervising agencies are the Reserve Bank, the Financial Markets Authority and the Department of Internal Affairs.
NZPA
Fri, 01 Jul 2011
Fri, 01 Jul 2011
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Deadline set for new money laundering laws
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