New Zealand pass new Anti-Money Laundering Law
New Zealand’s MPs have passed into law new measures aimed at countering money laundering by criminal gangs and organised crime.
According to Justice Minister Simon Power, the Anti-Money Laundering and Counter-Terrorism Financing Act will provide police with the instruments needed to follow the illegal money trail through financial systems. Also, the banking system will better deal with customers and clients intending to launder money through bank accounts in New Zealand. The new law will allow casinos to implement measures to check their customers’ identities as well as to detect suspicious activity.
Power said that it is crucial for New Zealand to maintain international reputation by means of strengthening the relevant laws. So, the new changes bring Nthe country into line with international standards.