Anti-Money Laundering and Countering Financing of Terrorism (Definitions) Amendment Regulations 2023

2023/50

Coat of Arms of New Zealand

Anti-Money Laundering and Countering Financing of Terrorism (Definitions) Amendment Regulations 2023

Rt Hon Dame Helen Winkelmann, Administrator of the Government

Order in Council

At Wellington this 11th day of April 2023

Present:
The Right Hon Chris Hipkins presiding in Council

These regulations are made under section 153(1)(d) of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 on the advice and with the consent of the Executive Council.

Regulations

1 Title

These regulations are the Anti-Money Laundering and Countering Financing of Terrorism (Definitions) Amendment Regulations 2023.

2 Commencement

These regulations come into force on 11 May 2023.

4 New regulation 5AC and cross-heading inserted (Applicable threshold value for certain cash transactions)

After regulation 5AB, insert:

Applicable threshold value for certain cash transactions

5AC Applicable threshold value for certain cash transactions is $10,000

For the purposes of section 67A of the Act, the applicable threshold value is $10,000.

Rachel Hayward,
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 11 May 2023, amend the Anti-Money Laundering and Countering Financing of Terrorism (Definitions) Regulations 2011. For the purposes of section 67A of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009, the amendment provides that the applicable threshold value for a cash transaction or a series of related cash transactions for certain articles is $10,000. The effect of this is that persons in trade are prohibited from buying or selling in cash articles that fall within 1 or more of the following descriptions if the total value of the transaction is equal to or above $10,000:

  • jewellery:

  • watches:

  • gold, silver, or other precious metals:

  • diamonds, sapphires, or other precious stones:

  • motor vehicles:

  • ships.

Supplementary analysis report

The Ministry of Justice produced a supplementary analysis report on 25 August 2022 to help inform the decisions taken by the Government relating to the contents of this instrument.

A copy of this supplementary analysis report can be found at—

Issued under the authority of the Legislation Act 2019.

Date of notification in Gazette: 13 April 2023.

These regulations are administered by the Ministry of Justice.