New Zealand Law Society - Excellence award for AML/CFT phase 2 implementation efforts

Excellence award for AML/CFT phase 2 implementation efforts

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The Ministry of Justice, Department of Internal Affairs, Reserve Bank of New Zealand, Financial Markets Authority, New Zealand Customs and Department of Inland Revenue have won the Deloitte IPANZ Public Sector Excellence Award 2018 for Regulatory Systems for their implementation of phase 2 of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009.

The award was presented on 25 July 2018. The award booklet says the Excellence in Regulatory Systems award recognises a policy reform, review or design initiative (at either a strategic or operational policy level) which improves the effectiveness of a regulatory system in achieving its outcome.

"This is very important work which appears to be achieving strong results. Over ten years, the estimated benefits include disrupting about $1.7 billion of illegal drugs and fraud crime and up to $5 billion in broader criminal activity," the Award judges said.

Ministry of Justice Acting Chief Executive and Secretary for Justice, Rajesh Chhana, says the development and implementation of Phase 2 extended the system to approximately 6000 businesses in sectors such as legal and accounting service and real estate agents..

"Extending and strengthening the system is necessary to ensure we have a complete and robust system to combat money laundering and terrorist financing in New Zealand," he says.

The Deloitte IPANZ Public Sector Excellence Awards recognise and reward outstanding performances and achievements in the New Zealand public sector.

There were 65 nominations for the 2018 awards from 47 organisations including core government departments, Crown agencies, district health boards and local governments.