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Anti-Money Laundering and Countering Financing of Terrorism Amendment Bill

Introduced on March 13.  The Bill extends obligations under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009  to real estate agents, lawyers, accountants, conveyancers, the New Zealand Racing Board, and some high-value dealers. This Bill also establishes the Department of Internal Affairs as the relevant anti-money laundering and countering financing of terrorism supervisor for these entities. First reading completed on March 23 on a voice vote and referred to the Law and Order Committee for consideration. The report back deadline of four months is shorter than usual. Reported back from select committee on July 14 with a large number of amendments. These include a staggered implementation of the new regime, numerous changes to definitions, more privacy protections, changes to the disclosure and reporting regime and amendments to the protections of legal privilege. Second reading completed on August 1 with all parties in agreement. Committee stage on August 2 with the Govt making further minor changes and given its third reading on August 3 with all parties in agreement. Anti-Money Laundering and Countering Financing of Terrorism Amendment Bill