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
Last updated: December 2020
Concrete: Somewhat Concrete | New: Not New | Ambitious: Not Ambitious
New Zealand FATF Mutual Evaluation Review is in progress. The assessment report is expected to be provided to Cabinet late in 2020, and to be made public in February 2021 (see Cabinet paper).
A released cabinet paper (Dec 2019) and cabinet minute from October 2019 note that the AML/CFT system connects to national security, counter-terrorism, transnational organised crime, organised crime, cyber-crime and corruption. For the system to be efficient and effective, priorities and actions across these areas should be aligned. The Minister’s proposal to Cabinet is for a National AML/CFT Strategy and Implementation Plan will be publicised by the Ministry of Justice and other government agencies. A communication plan will be developed following the publication of NZ’s FATF Mutual Evaluation Report in February 2021. The Implementation plan for 20-22 is provided among the links.
Updated: October 31, 2020
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