To improve New Zealand’s ability to tackle money laundering and terrorism financing, the Government has made law changes that affect various businesses and professions.
Each year about $1.35 billion from the proceeds of fraud and illegal drugs is laundered through everyday New Zealand businesses. These law changes – put in place practical measures to protect businesses and make it harder for criminals to profit from and fund illegal activity. They’ll also safeguard and help New Zealand live up to our reputation as being one of the least corrupt countries and a good place to do business.
The law will come into effect in stages for different sectors to give businesses time to prepare for the changes. From 1 January 2019, real estate agents will have to comply with the AML/CFT Act when representing a client who’s either selling or buying real estate.