Anti-Money Laundering and Countering Financing of Terrorism Act 2009

Subpart 2—Suspicious transaction reports

40 Reporting entities to report suspicious transactions

(1)

Despite any other enactment or any rule of law, but subject to section 42 of this Act and to section 44(4) of the Terrorism Suppression Act 2002, this section applies if—

(a)

a person conducts or seeks to conduct a transaction through a reporting entity; and

(b)

the reporting entity has reasonable grounds to suspect that the transaction or proposed transaction is or may be—

(i)

relevant to the investigation or prosecution of any person for a money laundering offence; or

(ii)

relevant to the enforcement of the Misuse of Drugs Act 1975; or

(iii)

relevant to the enforcement of the Terrorism Suppression Act 2002; or

(iv)

relevant to the enforcement of the Proceeds of Crime Act 1991 or the Criminal Proceeds (Recovery) Act 2009; or

(v)

relevant to the investigation or prosecution of a serious offence within the meaning of section 243(1) of the Crimes Act 1961.

(2)

If this section applies, the reporting entity must, as soon as practicable, but no later than 3 working days after forming its suspicion, report the transaction or proposed transaction to the Commissioner, in accordance with section 41.

(3)

Nothing in subsection (2) requires any lawyer to disclose any privileged communication (as defined in section 42).

Compare: 1996 No 9 ss 15(1), 19(1)