New Zealand's Anti-Money Laundering and Countering Financing of Terrorism Act will come into full force on 30 June 2013. Reporting entities must complete their risk assessments and compliance programmes before that date.
Any weaknesses in the initial risk assessment will flow through to the compliance programme. Weaknesses will leave your business vulnerable to regulatory action and reputational risk.
The content of this site will assist reporting entities understand the risks that money laundering and financing of terrorism presents to their business and how they may be able to detect such activity.
From 1 March 2011, persons in New Zealand, New Zealand citizens in any place outside New Zealand, and any entity incorporated or constituted under New Zealand law, or that is otherwise subject to New Zealand’s jurisdiction must register with the Ministry of Foreign Affairs and Trade if they intend to do business with people in Iran, or with entities that are controlled by Iranians.
The registration requirement applies to the supply and receipt of both goods and services. The registration requirement also applies to goods and services that are imported from Iran and exported to Iran. It will be unlawful to do business with Iran without being registered.
