Lawyers need to undertake three tasks to prepare themselves for becoming "reporting entities" under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009, the New Zealand Law Society says.
The Law Society has released a Practice Briefing, Preparing for becoming a reporting entity under the AML/CFT Act.
This says legislation before Parliament provides that the Act will apply to lawyers "not later than 1 July 2018".
The Practice Briefing says the Law Society has asked for this to be extended to "not later than 1 January 2019", but even with this as a deadline, there is a strong case for lawyers beginning to prepare for implementation.
It says the three tasks which lawyers can begin working on now are:
- Appoint an AML/CFT compliance officer.
- Produce a written risk assessment.
- Establish a written AML/CFT programme.
The Practice Briefing provides information on what is needed to complete these actions.