Justice minister Judith Collins has welcomed the stamp of approval
given by an international body to New Zealand’s anti-money laundering
and terrorist financing laws.
The Financial Action Task Force
(FATF), an international body that sets policies and standards on
anti-money laundering and combating terrorist financing (AML/CFT), has
removed New Zealand from its follow-up assessment list.
Dealers and automotive finance firms are an important part of the process – as reported by AutoTalk HERE http://www.autotalk.co.nz/index.php?option=com_content&view=article&id=2876:dealers-join-fight-against-international-crime&catid=36:government&Itemid=53
“I’m
pleased our framework for dealing with such crimes has received a stamp
of approval from international experts and FATF members,” Collins says.
“These
laws are essential to help detect and deter money laundering, and also
reflect sound practices for businesses to reduce financial risks for
their customers and investors,” she adds. “Being in step with the rest
of the world is crucial to New Zealand as a trading nation, as more
authorities around the world are requiring compliance with AML/CFT
standards.”
FATF last assessed New Zealand in 2009. That report
identified a number of issues with New Zealand’s regime and FATF
required New Zealand to have regular follow-up assessments. The
Government has since put the Anti-Money Laundering and Countering
Financing of Terrorism Act in place, which largely addressed those
issues.
The government says it is already moving to address
recommendations in the latest FATF report, such as improving monitoring
of institutions’ efforts to prevent terrorist financing and considering
extending the AML/CFT Act to cover professions such as lawyers,
accountants, real estate agents and other high-value dealers.
