The New Zealand Law Society has highlighted proposed amendments to AML/CFT legislation currently awaiting second reading in Parliament. In its latest advocacy update, it notes that two Bills would amend the AML/CFT Act and make a range of changes affecting reporting entities. The Society also says it has been pleased to see some of its recommended changes incorporated.
The update refers specifically to the Anti-Money Laundering and Countering Financing of Terrorism Amendment Bill and the Anti-Money Laundering and Countering Financing of Terrorism (Supervisor, Levy, and Other Matters) Amendment Bill.
For lawyers, the immediate effect is practical as well as regulator, with the law society suggesting that those with AML/CFT reporting obligations should keep an eye on upcoming guidance and consultations from the Department of Internal Affairs, underlining that the proposed reforms may have direct compliance implications for legal practice.