The Department would like to draw your attention to the Ministry of Justice (the Ministry) consultation currently taking place on the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015 (the Act) prescribed transaction reporting regulations. The purpose of this consultation is to help inform the Ministry during the development of regulations for prescribed transaction reporting.
Subpart 2A of the Act introduces new requirements for reporting entities to report “prescribed transactions” to the Financial Intelligence Unit (FIU). This builds on the Act’s existing “suspicious transaction” reporting requirements and will help mitigate the risk of money laundering and terrorist financing. In particular, the changes will make it more difficult for criminals to use multiple small transactions, multiple senders or multiple recipients to avoid detection.
The new legislation, including regulations, will come into force on 1 July 2017. To give reporting entities an adequate lead-in period, the Ministry intends to have the new regulations enacted by July 2016.
For more detailed information please take a look at the Ministry’s website.
The Department encourages you to have your say, but you will need to act fast. The deadline for submissions to the Ministry is 27 May 2016.