On 1 July 2018, lawyers and conveyancers became reporting entities under the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009.
This page is currently under review. Please refer to the Department of Internal Affairs (DIA) website for guidance on your obligations, policies you need to have in place, and how to develop a Risk Assessment and Compliance Programme - DIAs information for lawyers.
The purpose of the AML/CFT regime reflects New Zealand’s commitment to the international initiative to counter the impact that criminal activity has on people and economies within the global community.
Lawyers who undertake specified activities (‘captured activities’) will need to ensure they have a programme in place to meet AML/CFT requirements. Captured activities are identified as services which are potentially attractive to criminals as a means of laundering money or financing criminal activity. The AML/CFT compliance regime adopts a risk-based approach.
To meet AML/CFT requirements, lawyers need to :
The Department of Internal Affairs has produced a useful guide ‘Guideline Lawyers and Conveyancers - Complying with the Anti-Money Laundering and Countering Financing of Terrorism Act 2009’ which is available on their website. The sample documents referred to above are designed to complement that Guideline.
Practice Briefings provide guidance on issues related to privilege and confidentiality, suspicious activities and continuing to act:
The Law Society will keep lawyers updated on AML/CFT developments via LawPoints and LawTalk.