67784 (2024). Hon Dr Duncan Webb to the Associate Minister of Justice

67784 (2024). Hon Dr Duncan Webb to the Associate Minister of Justice: Did the Minister consult with the Police or Minister of Police on changes to law firm reporting requirements under the Amendments to Anti-Money Laundering and Countering Financing of Terrorism Act 2009 proposed by clause 11 of the Statutes Amendment Bill 2024; if so what was the feedback from the Police or Minister of Police?

Hon Nicole McKee: Yes, my officials engaged with the Financial Intelligence Unit and New Zealand Police on how to best balance the need for timely and good quality intelligence on the one hand and ensuring that reporting entities are not subject to unnecessary regulatory burden on the other. It should be noted that clause 11 will still require reporting entities to report suspicious activities as soon as practicable, and by no later than 5 working days after forming a suspicion. This approach is intended to ensure that the Police can work with businesses and enable them to take a common-sense approach to getting the information they need to tackle serious crime.