AML/CFT Statutory Review Consultation 2021 and CPD Seminar

The Ministry of Justice is undertaking a statutory review of the AML/CFT Act to consider:

• how the Act has performed; and

• what should change.

A Consultation Document has been released for feedback. The scope of the statutory review is broad and the review is relevant to every reporting entity. The Ministry would like to hear from individuals and businesses as to what challenges the Act may be causing them, what can be done better, or without, and whether the regime achieves its purposes in the most cost-effective way.
 
Key areas of focus in the review include:

• Institutional arrangements and stewardship: the foundations, purposes and structure of the AML regime.

• Scope of the Act: whether the right entities have the appropriate obligations imposed.

• Supervision, regulation and enforcement: whether the supervisory framework is appropriate, including whether regulations and penalties are sufficient to ensure proportionate and effective sanctions can be imposed.

• Preventive measures: whether obligations such as customer due diligence are sufficient to prevent business being misused for ML/FT, and the appropriateness of their compliance burden

• Other issues or topics: including the border cash reporting regime, privacy concerns, technology use, and harmonisation with Australian regulation.

CPD Seminar

We will be hosting a CPD Seminar on Friday 29 October from 1pm to 2pm, where we will be leading a discussion as to matters of interest arising from the consultation document. To request an invitation, please email us at [email protected].
 
Public consultation closes on 3 December 2021 (via online survey or email feedback). There will be further targeted consultation with the private sector and communities from February 2022 to April 2022. The review will finish by 30 June 2022.
 
If you would like to discuss this review, or make a submission during the consultation period, please speak to one of our experts listed below.

This article is intended only to provide a summary of the subject covered. It does not purport to be comprehensive or to provide legal advice. No person should act in reliance on any statement contained in this publication without first obtaining specific professional advice. If you require any advice or further information on the subject matter of this newsletter, please contact the partner/solicitor in the firm who normally advises you, or alternatively contact one of the partners listed below.