Financial Action Task Force
New Zealand has implemented the FATF Recommendations on beneficial ownership to ensure that accurate and timely company beneficial ownership information is available and accessible to those who have a need for it and can prevent abuse. New Zealand will also explore how to appropriately incorporate the FATF standards on preventing money laundering in the non-financial professional services sector into domestic legislation.
Country: New Zealand
Themes: Anti-Money Laundering
Last updated: April 2020
Concrete: Somewhat Concrete | New: Not New | Ambitious: Not Ambitious
New Zealand has passed new legislation to implement AML Phase 2, which is an important measure to combat the misuse of non-financial professional services sector. Phased implementation will take place over a 2 year period. The obligations for lawyers, conveyancers and businesses that provide trust and company services began on 1 July 2018. Accountants came into the regime on 1 October 2018. Real estate agents were covered from 1 January 2019. From 1 August 2019 the AML/CFT legislation will extend to cover some high value dealers and the NZ Racing Board. Finally, New Zealand is undergoing a FATF Review.
Peer reviewer: 1
Updated: April 30, 2020