Special Edition Webinar: MOJ Statutory Review and new AML Regulations
Starting in 2021 the Ministry of Justice (MOJ) has been undertaking a major review of our AML/CFT regulatory regime. That itself followed the international Financial Action Task Force (FATF) evaluation of New Zealand’s AML system in 2020-21. As a result of this process, Cabinet has put in place the first set of outcomes. With many new or amended Regulations now on foot, and coming into effect in three tranches (the first of which begins on 31 July 2023)
Description
Starting in 2021 the Ministry of Justice (MOJ) has been undertaking a major review of our AML/CFT regulatory regime. That itself followed the international Financial Action Task Force (FATF) evaluation of New Zealand’s AML system in 2020-21.
As a result of this process, Cabinet has put in place the first set of outcomes. With many new or amended Regulations now on foot, and coming into effect in three tranches (the first of which begins on 31 July 2023)
With so much ongoing regulatory change, this webinar will cover these critical topics:
- The main recommendations from the MOJ Statutory Review
- Where this leaves NZ in the FATF evaluation process
- Key new Regulations into force in three stages from 31 July 2023 (others 2024, or 2025).
- To what extent does this really help reporting entities by providing some regulatory relief?
- What changes will introduce new obligations for entities that already have existing AML/CFT obligations?
- Which changes create new obligations on sectors not previously caught by AML/CFT?
- What remains yet to come down the track in the MOJ process or from the FATF?
Presenters
Gary Hughes
Gary’s legal practice covers a wide range of regulatory issues and cases, including Commerce Commission, Financial Markets Authority, Serious Fraud Office, Privacy Commissioner, and New Zealand’s 3 anti-money laundering regulators and Police FIU. His work ranges from handling investigations or providing compliance advice through to court enforcement, appeals or judicial review.
Gary is particularly well known in the financial crime area, where he is regarded as New Zealand’s leading Anti-Money Laundering lawyer, having worked on these specialist matters since 2007. His probono officer roles include as:
- chair of the International Bar Association’s AML & Sanctions Experts committee;
- member of the Ministry of Justice Statutory Review advisory group; and
- advisory director for ACAMS Australasia, including organising the annual FIU/ACAMS Conference at Te Papa
CPD Hours and Recordings
1 CPD hour