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Minter Ellison Rudd Watts NewsMinter Ellison Rudd Watts speaks to TV3 Business 31st July 2009 In June, the Government introduced the much anticipated Anti-Money Laundering and Countering Financing of Terrorism Bill (Bill). This new bill, to combat money laundering and the financing of international terrorism, goes before a parliamentary select committee next week. It is seen as the most significant financial reform in decades, and aims to bring New Zealand into line with international standards. Yesterday, Minter Ellison Rudd Watts partner, Aaron Lloyd, talked to TV3 ASB Business program host Michael Wilson about the bill. The interview included a glimpse into some of the more contentious issues including due diligence, costs of implementation, criminal liability and potential liability for senior management. It was noted that the new law will replace the Financial Transactions Reporting Act 1996 regime for financial institutions and casino operators. As signalled in our May 2009 update, at a proposed second stage, that regime is likely to be implemented in other sectors. The Bill will ultimately replace the Financial Transactions Reporting Act 1996 and is expected to initially target the finance sector and casino businesses. The introduction of the Bill represents the first key Parliamentary step to enactment, and follows several years of engagement (by government officials and the affected sectors) in New Zealand’s comprehensive effort to implement our international anti-money laundering and financing of international terrorism obligations. We invite you to view the TV3 ASB Business program interview, read our recent Minter Ellison Rudd Watts publication on this matter or to contact one of our experts for more information. 
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