A formal consultation paper on the proposed extension of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 has been released by the Ministry of Justice.

The second phase of the legislation aims to enhance New Zealand's efforts to detect and deter criminal activity while minimising the impact on businesses. 

The first phase of the Act came into force in 2013. It currently applies to a range of businesses including banks, casinos, certain trust and company service providers and certain financial advisers, among others.

The second phase will bring sectors such as the legal and accounting professions into the legislation.

The consultation paper includes questions related to how AML/CFT compliance requirements might be implemented, taking into account the business sectors' specific structures and practices.

The Ministry of Justice is seeking views on the best approach to supervising business sectors and several opportunities to enhance the operation of the current regime.

The consultation document and information about New Zealand's anti-money laundering laws is available here.

The deadline for submissions is 5:00pm Friday, 16 September 2016.