Exposure Draft Released of New Anti-Money Laundering Laws
New Zealanders and affected sectors have their opportunity to step in a new bill to fight the $ 1.3 billion annually for laundering criminals, Justice Minister Amy Adams announced.
The government announced in June that it would speed up the second phase of its anti-money laundering (AML) reforms to cover lawyers, accountants, real estate agents and other high-value dealers.
Since then, the policy has been fully developed and budgeted. As part of this work, the government asked Ernst & Young to provide an independent report on compliance costs, which showed that the reforms could impose up to $ 1.6 billion in ten years on New Zealand.
"Money laundering is the lifeblood of profit-driven crimes. It allows criminals to finance their lifestyle and promotes reinvestment in criminal enterprises," Adams said.
"Our aim is to ensure that the regime is as effective as possible while minimizing the impact on companies and their clients. We have to address the real risks that money laundering and terrorist financing pose while ensuring at the same time That compliance costs are as low as possible.
"The commentary to the draft norm gives sectors, companies and New Zealanders the opportunity to comment on the question of whether we have found the right balance between the fight against organized crime financing and the livelihood of the burden of New Zealand assets ".
It is estimated that 1.3 billion of the benefits of fraud and addiction are washed every year in New Zealand.
It is estimated that 1.3 billion of the benefits of fraud and addiction are washed every year in New Zealand.
"These reforms alone have the potential to alter up to $ 1.7 billion in fraud and drug-related crime over the next decade." This means less crime and less casualties.The estimates also suggest could prevent up to $ 5 million dollars Of the broader crimes and reduce the social damage of about $ 800 million in relation to illicit drug trafficking.
"The reforms also protect and help New Zealand to fulfill its reputation of being free from corruption and a good place to do business. We approach international standards and will help prevent New Zealand becoming a target for money launderers at Foreign and financial terrorism.
"This government has a well-deserved reputation for fighting corruption and eliminating criminal funding. It also demonstrates the growth of the economy, job creation and the reduction of unemployment. It will be essential to find the right balance. "
The government intends to introduce legislation early next year and have adopted it by mid-2017.
The government announced in June that it would speed up the second phase of its anti-money laundering (AML) reforms to cover lawyers, accountants, real estate agents and other high-value dealers.
Since then, the policy has been fully developed and budgeted. As part of this work, the government asked Ernst & Young to provide an independent report on compliance costs, which showed that the reforms could impose up to $ 1.6 billion in ten years on New Zealand.
"Money laundering is the lifeblood of profit-driven crimes. It allows criminals to finance their lifestyle and promotes reinvestment in criminal enterprises," Adams said.
"Our aim is to ensure that the regime is as effective as possible while minimizing the impact on companies and their clients. We have to address the real risks that money laundering and terrorist financing pose while ensuring at the same time That compliance costs are as low as possible.
"The commentary to the draft norm gives sectors, companies and New Zealanders the opportunity to comment on the question of whether we have found the right balance between the fight against organized crime financing and the livelihood of the burden of New Zealand assets ".
It is estimated that 1.3 billion of the benefits of fraud and addiction are washed every year in New Zealand.
It is estimated that 1.3 billion of the benefits of fraud and addiction are washed every year in New Zealand.
"These reforms alone have the potential to alter up to $ 1.7 billion in fraud and drug-related crime over the next decade." This means less crime and less casualties.The estimates also suggest could prevent up to $ 5 million dollars Of the broader crimes and reduce the social damage of about $ 800 million in relation to illicit drug trafficking.
"The reforms also protect and help New Zealand to fulfill its reputation of being free from corruption and a good place to do business. We approach international standards and will help prevent New Zealand becoming a target for money launderers at Foreign and financial terrorism.
"This government has a well-deserved reputation for fighting corruption and eliminating criminal funding. It also demonstrates the growth of the economy, job creation and the reduction of unemployment. It will be essential to find the right balance. "
The government intends to introduce legislation early next year and have adopted it by mid-2017.
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