29 July 2009

 

Yesterday, Minter Ellison Rudd Watts partner Aaron Lloyd, together with Gary Hughes (Wilson Harle) gave a presentation on The Anti-Money Laundering and Counter Financing of Terrorism Bill to the Auckland branch of the Australasian Chapter of the Association of Certified Anti-Money Laundering Specialists (ACAMS).

 

This presentation covered the context of the bill in terms of timeline and pressures leading to reform and gave an overview of the scope of the Bill, some of the more complex issues and the timeframe going forward.

Some contentious issues include customer due diligence, domestic and foreign peps and new technologies, risk based approach, strict criminal liability, liability for senior management, and the lack of civil and criminal immunity provisions.

 

The Bill will ultimately replace the Financial Transactions Reporting Act 1996 and is expected to initially target the finance sector and casino businesses. Final submissions on the bill are due next week, Thursday 6th August 2009.  
 
We invite you to read the full presentation.

About Aaron Lloyd
 
Aaron is based in the firm's Auckland office and advises clients throughout New Zealand on a wide range of litigation matters, including providing specialist advice for clients on white collar crime and regulatory matters. We invite you to read more about Aaron or to contact him for more information.

About AntiTrust and Competition and Regulatory
 
We invite you to read more about our expertise in Anti-Money Laundering and White Collar.