Category:New Zealand Embargoed Countries
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Reserve Bank
[−] New Zealand Embargoed Countries Côte d’Ivoire Democratic Republic of the Congo Iran Iran-Other Lebanon Liberia Libya New Zealand Sanctions North Korea Somalia Sudan
June 20, 2013 – RBNZ says new anti-money laundering regime will enhance New Zealand’s reputation on the global stage
New Zealand’s new Anti-Money Laundering (AML) regulatory regime, taking effect from June 30, will help to take the profit out of crime, reduce the chances of New Zealand being involved in terrorism financing and enhance New Zealand’s reputation on the global stage, Reserve Bank Anti-Money Laundering manager Rob Edwards said today.
In a speech to an Anti-Money Laundering and Countering Financing of Terrorism seminar in Wellington, Mr Edwards said there were two key reasons the new AML regime is important.
Source: Interest News Item
June 20, 2013 – Supervisors well placed for new anti-money laundering regime – RBNZ
New Zealand’s new Anti-Money Laundering (AML) regulatory regime, taking effect from 30 June, will help to take the profit out of crime, reduce the chances of New Zealand being involved in terrorism financing and enhance New Zealand’s reputation on the global stage, Reserve Bank Anti-Money Laundering manager Rob Edwards said today.
In a speech to an Anti-Money Laundering and Countering Financing of Terrorism seminar in Wellington, Mr Edwards said there were two key reasons the new AML regime is important.
“First, our AML regime is part of a co-ordinated international effort to tackle two worldwide problems: criminal activity that is made more attractive when the proceeds are able to be laundered, and the funding of terrorist attacks.
“The second purpose of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 is to maintain and enhance New Zealand’s international reputation for a sound and high-integrity business environment.”
The Reserve Bank, the Department of Internal Affairs and the Financial Markets Authority are tasked with supervising entities under the Act and are well placed to begin their new role, Mr Edwards said. The purpose of this supervision is to check that firms have the systems in place to comply with their AML obligations, including detecting and reporting suspicious activity.
While the new regime beds in, the emphasis will be on the monitoring of compliance with the Act.
“We expect that our monitoring activity will alert us to any breaches that will be investigated and potentially result in enforcement actions.
“Supervision is a two-way street; willing and enthusiastic participation by industry will make the process more efficient and make the regime more effective,” Mr Edwards said.
Freeze List
The New Zealand Freeze Regulations prohibit dealings in assets, money, or securities of, or derived from property of, designated persons or entities, and prohibit sending funds to designated persons or entities. As provided by section 3 of the United Nations Act 1946, the maximum penalty for a breach of the regulations is six months imprisonment or a fine of NZ $10,000 for an individual; and a fine of NZ $100,000 for a corporation.
Source of reference Sanctions New Zealand (UN)
Detailed freeze list of New Zealand Sanctions New Zealand (Detailed) (Not Included Terrorist Designations – see below)
In October 2002, New Zealand enacted the Terrorism Suppression Act (TSA). The TSA establishes a legal framework for the suppression of terrorism. In particular, it is the mechanism by which New Zealand gives effect to the United Nations Security Council (“UNSC”) mandatory resolutions requiring UN member states to take certain steps to suppress terrorism. An important feature of this framework is the Prime Minister’s power under the TSA to designate individuals or groups as terrorist or associated entities. Designation can be on an “interim” (s 20 TSA) or “final” (s 22 TSA) basis.
There are two broad categories of entities that are affected by the TSA:
- entities listed by the UN as terrorist entities (by the UNSC’s 1267 Committee)
- non-UN listed entities designated under the TSA
For an overview of designated individuals and organizations see New Zealand Police
Pages in category “New Zealand Embargoed Countries”
The following 11 pages are in this category, out of 11 total.
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