Anti-Money Laundering and Countering Financing of Terrorism (Cross-border Transportation of Cash) Amendment Regulations 2017

2017/304

Coat of Arms of New Zealand

Anti-Money Laundering and Countering Financing of Terrorism (Cross-border Transportation of Cash) Amendment Regulations 2017

Patsy Reddy, Governor-General

Order in Council

At Wellington this 18th day of December 2017

Present:
The Right Hon Jacinda Ardern presiding in Council

These regulations are made under sections 70(a) to (c), 153(c) and (j), and 154(1)(e) of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009—

(a)

on the advice and with the consent of the Executive Council; and

(b)

in relation to regulations made under section 154 of that Act, on the recommendation of the Minister (as defined in section 5(1) of that Act) made in accordance with section 154(2) and (3) of that Act.

Regulations

1 Title

These regulations are the Anti-Money Laundering and Countering Financing of Terrorism (Cross-border Transportation of Cash) Amendment Regulations 2017.

2 Commencement

These regulations come into force on the 28th day after the date of their notification in the Gazette.

3 Principal regulations

These regulations amend the Anti-Money Laundering and Countering Financing of Terrorism (Cross-border Transportation of Cash) Regulations 2010 (the principal regulations).

4 Regulation 3 revoked (Expiry)

Revoke regulation 3.

5 Regulation 5 amended (Threshold value and its application prescribed)

In regulation 5(1), replace “$9,999.99” with “$10,000”.

6 Regulation 6 amended (Form of cash report prescribed)

In regulation 6(b), after “in the”, insert “appropriate”.

Michael Webster,
Clerk of the Executive Council.

Explanatory note

This note is not part of the regulations, but is intended to indicate their general effect.

These regulations, which come into force on the 28th day after the date of their notification in the Gazette, revoke the expiry date for the Anti-Money Laundering and Countering Financing of Terrorism (Cross-border Transportation of Cash) Regulations 2010 (the principal regulations) so that they continue in force, subject to any amendments, until replaced or revoked.

Regulation 5 of the principal regulations is amended to set the threshold value of $10,000 for the purposes of sections 68 and 69 of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009.

The amendment to regulation 6 of the principal regulations is consequential on changes made to the principal Act by the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017.

Issued under the authority of the Legislation Act 2012.

Date of notification in Gazette: 21 December 2017.

These regulations are administered by the Ministry of Justice.