Academic journal article The Reserve Bank of New Zealand Bulletin

Government Passes Law on Money Laundering

Academic journal article The Reserve Bank of New Zealand Bulletin

Government Passes Law on Money Laundering

Article excerpt

15 October 2009

A bill that boosts measures to counter money laundering by criminal gangs and organised crime, and which counters the financing of terrorism, was passed into law today.

Justice Minister Simon Power said the Anti-Money Laundering and Countering Financing of Terrorism Act will help tackle financial and drug-related crime by assisting Police to detect and trace profits of organised crime groups.

"This Act enhances our ability to investigate organised crime, by following the illegal money trail through financial systems, and goes hand-in-hand with the Criminal Proceeds (Recovery) Act, passed by the Government in April, which can be used to attack criminal profits.

"This is also another weapon in the fight against methamphetamine, in that it will be an impediment to the laundering of money from such activities by the criminal gangs.

"The Act will also ensure that New Zealand's financial sector continues to be attractive to legitimate international investors, and is not seen as a safe haven for organised criminals and tax evaders.

"New Zealand cannot be seen as a weak link for organised criminals and terrorists.

"This Act will allow us to better contribute to the international fight against money laundering, tax evasion, and terrorism financing. …

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