NZPA | Friday August 13, 2010
The Government has released a consultation paper on proposed regulations to prevent money laundering and the financing of terrorism. Parliament passed the Anti-Money Laundering and Countering Financing of Terrorism Act last year, with regulations to be developed subsequently.
Justice Minister Simon Power said he wanted public feedback on the regulations, which will come into force two years after they are finalised so the finance sector has time to prepare.
The Act imposes reporting obligations on financial institutions and casinos so that money laundering and terrorist financing can be detected and tracked.
“Officials and the industry have worked together to develop regulations which strike the right balance between giving effect to the law and minimising red tape,” Mr Power said.