New Zealand passes anti-money laundering law

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Wellington, Aug 3 (IANS) The New Zealand Parliament on Thursday passed a bill to strengthen the country’s existing anti-money

laundering act.

The Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Amendment Bill will help prevent New Zealand from being used by international criminals to launder money, and help protect the country’s reputation as one of the least corrupt in the world, Justice Minister Amy Adams was quoted as saying by Xinhua news agency.

“Money laundering and the financing of terrorism is a global issue with serious consequences,” the minister said, adding that it is a blight on society that undermines the hard work of legitimate businesses by allowing criminals to fund their lifestyles and fuel re-investment into criminal activities.

The bill extends the current AML/CFT regime to lawyers, conveyancers, accountants, real estate agents, sports and racing betting and businesses that deal in certain high-value goods, which strengthens New Zealand’s ability to prevent, detect and prosecute many types of criminal activity.

–IANS

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