The Ministry of Justice has not yet set a date for the second phase of the anti-money laundering bill which will impose duties on lawyers.
A ministry spokesperson says initial policy work for phase two of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 reforms has begun.
"Timing and scope for this work is yet to be determined. We will communicate with the legal profession and other sectors about phase two at the appropriate time."
New Zealand Law Society General Manager Regulatory, Mary Ollivier, says the Law Society expects to be fully consulted before phase two kicks in, and that the changes will be communicated to the legal profession.
Lawyers' obligations under the Financial Transactions Reporting Act 1996 – which includes requirements such as carrying out due diligence on customers' identities and reporting suspicious transactions – will continue until the phase two reforms are implemented.
The ministry says the new legislation will improve the effectiveness of New Zealand's AML-CFT regime by detecting and deterring money laundering and the financing of terrorism, contribute to public confidence in the financial system and improve New Zealand's compliance with international laws and best practices.