Government to overhaul anti-money laundering regime

Posted: 23 Oct 2024

The Government will introduce a single supervisor and a new funding model in a major overhaul of New Zealand’s Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) system, Associate Justice Minister Nicole McKee says.

“Cabinet has approved an AML/CFT reform work programme which will change the supervisor structure that monitors AML/CFT compliance and introduce a new funding model for the system. These reforms will allow the system to be more responsive to industry and community needs, more agile, and more focused on the real risks posed by money laundering to New Zealand businesses.

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