Anti-money laundering submission

The IMVIA is seeking views on an exposure draft amendment Bill, relating to anti-money laundering. It’s expected the Bill will be introduced to Parliament in early 2017. The IMVIA is giving those affected by the issue the opportunity to comment on the specific proposals in the Bill when it is considered by a parliamentary Select Committee. After that, businesses will have a period of time to prepare for the changes, but the extended Act will come into force as soon as practically feasible. According to the IMVIA, the motoring industry could be affected by proposed changes to anti-money laundering and counter financing of terrorism laws. In answer to these threats, the IMVIA has decided to simplify compliance by utilising channels and procedures already in place. In August 2016, the IMVIA sought feedback about proposed changes to improve New Zealand’s ability to tackle money laundering and terrorist financing. This consultation was part of the Government’s move to extend the Anti-Money Laundering and Countering Financing of Terrorism Act 2009  to more businesses and professions. To find out more about the submission, click here.