Anti-money laundering legislation

Understand how rules around anti money laundering (AML) and counter terrorism financing (CTF) apply to you.

In Brief

  • The Anti-Money Laundering and Counter Terrorism Financing (AML/CTF) regime seeks to help instill public confidence in our financial systems, both here and overseas
  • Australia and New Zealand are members of the Financial Action Task Force (FATF) and the Asia/Pacific Group on Money Laundering (APG)
  • There are different requirements for members between Australia and New Zealand, as implementation is currently at different stages

Money laundering is a process where 'dirty money' received from criminal activities, such as misuse of drugs, theft and tax evasion, is passed through legitimate businesses and turned into 'clean money'. It is a significant problem, both here and worldwide.

Anti-money laundering and counter-terrorism financing legislation is being implemented in New Zealand and Australia in two phases. 

Phase 1 is in effect in both countries and applies to banks, casinos and a range of financial service providers. Phase 2 is in effect in New Zealand, and brings the accounting profession into the regime.

International guides released

Guides have been released by IFAC and ICAEW to help accountants enhance their understanding of money laundering. Anti-Money Laundering: The Basics cover topics such as asset transfers, company formation, tax advice, crime trends, virtual assets and the tools to address money laundering.

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Access the Financial Action Task Force’s reports on New Zealand

The Financial Action Task Force is the global money laundering and terrorist financing watchdog.

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