Anti-Money Laundering Bill passes 2nd reading in New Zealand

According to a press release issued by New Zealand Government, a bill that enhances measures to fight money laundering and terrorist financing passed its second reading in Parliament on September 25.

Justice Minister Simon Power stated that the Anti-Money Laundering and Countering Financing of Terrorism Bill is designed to help fight financial and drug-related crime by means of detecting, tracing, and seizing profits of domestic organised crime.

He said: “This bill is an essential component in our ability to investigate organised crime, to follow the money trail through financial systems, and goes hand in hand with the Criminal Proceeds (Recovery) Act, passed by the Government in April, which can be used to attack those profits.” He also added that the bill will allow us to contribute to the international struggle against money laundering, tax evasion, and terrorism financing.

It is worth noting that the bill sets out regulatory changes in order to enable New Zealand to comply with the Financial Action Task Force (FATF).

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