New Zealand passes anti-money laundering law

Wellington Aug 3 (IANS) The New Zealand Parliament on Thursday passed a bill to strengthen the country s existing anti-money

laundering act.

The Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Amendment Bill will help prevent New Zealand from being used by international criminals to launder money and help protect the country s reputation as one of the least corrupt in the world Justice Minister Amy Adams was quoted as saying by Xinhua news agency.

"Money laundering and the financing of terrorism is a global issue with serious consequences " the minister said adding that it is a blight on society that undermines the hard work of legitimate businesses by allowing criminals to fund their lifestyles and fuel re-investment into criminal activities.

The bill extends the current AML/CFT regime to lawyers conveyancers accountants real estate agents sports and racing betting and businesses that deal in certain high-value goods which strengthens New Zealand s ability to prevent detect and prosecute many types of criminal activity.

--IANS
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