The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (the AML/CFT Act) keeps New Zealand safe from money laundering and terrorism financing.
Money laundering is the process criminals use to 'clean' the money they make from crimes such as fraud, dealing in illegal drugs, and the like so they can cover their tracks and avoid detection. By making it harder for criminals to launder money, or finance terrorism, we also make profit-motivated crime, like selling drugs or defrauding people, less appealing.
Money laundering affects all of us. It is happening every day across the country. It’s estimated that over $1 billion a year comes from drug dealing and fraud and can be laundered through New Zealand businesses.
On the 1 July 2021, the Minister of Justice asked the Ministry of Justice to review the Act. This review will look at:
The review will finish by 30 June 2022, with the Ministry providing a report to the Minister. The Minister will then make the report public.
Read the Terms of Reference [PDF, 115 KB] for the review outlining how the review will be conducted.
We want New Zealand to become the hardest place in the world to launder money and finance terrorism. Effective AML/CFT laws will help maintain a safe and legitimate economy.
Every time someone buys a house or a car, or moves money around to different banks, or sends it back home, it is an opportunity to launder illegal money.
While the anti-money laundering laws are very important, we know that it can make things more difficult, or cause frustration in certain circumstances. We want to hear about people’s experiences such as when buying a house or dealing with their bank.
Has it become harder for you to open or maintain bank accounts, or has it become harder or more expensive to send money to family and friends overseas?
Have we got the balance right about protecting people’s privacy? Businesses need to collect a large amount of personal information from their customers, and we want to make sure the Act protects people's privacy.
The Summary Document provides an overview of the six key issues we would like to hear your views on.
The Consultation Document has more detailed information including:
To have your say, please complete the online public survey:
Alternatively, you can:
Email your feedback to: firstname.lastname@example.org
Post your feedback to:
AML/CFT consultation team
Ministry of Justice
The closing date for submissions and completed online surveys is 3 December 2021.
If you need more time to respond, please contact us at email@example.com as we may be able to accommodate you.