Anti-Money Laundering and Countering Financing of Terrorism Bill

  • enacted

Hon Simon Power

Anti-Money Laundering and Countering Financing of Terrorism Bill

Government Bill

46—3

As reported from the committee of the whole House

Contents

Standard customer due diligence

Simplified customer due diligence

Enhanced customer due diligence

Ongoing customer due diligence and account monitoring

Reliance on third parties

Prohibitions

Proceedings for civil penalties

Relationship between civil penalty and criminal proceedings

Immunities

Formal warnings

Enforceable undertakings

Injunctions

Pecuniary penalties

Offence and penalties relating to civil liability act

Offences relating to suspicious transaction reports

Other offences relating to non-compliance with AML/CFT requirements

Offences relating to cross-border transportation of cash

Relationship with Customs and Excise Act 1996

Computer searches by Customs officer

Search warrants

Conduct of entry, search, and seizure

Return and retention of things seized

AML/CFT supervisors

Use and disclosure of information

Financial intelligence functions of Commissioner

Co-ordination

Regulations

Ministerial exemptions

Transitional and savings provisions

Consequential amendments, repeals, and revocation

Legislative history


The Parliament of New Zealand enacts as follows: