67786 (2024). Hon Dr Duncan Webb to the Associate Minister of Justice

67786 (2024). Hon Dr Duncan Webb to the Associate Minister of Justice: In the reform of New Zealand’s Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) system will the government be addressing the failure to fully comply with wire transfer and money or value transfer requirements as set out in the 3rd Follow Up Report and Technical Compliance Re-Rating of the Financial Action Task Force?

Hon Nicole McKee: Yes. The Financial Action Task Force noted in its 3rd Follow Up Report that it was not clear the extent to which agencies are taking coordinated action to detect and share information on unregistered Money or Value Transfer services. The recently announced establishment of a single-supervisor for the AML system will reduce the need for coordination between multiple agencies and allow the more efficient and effective allocation of resources to the identification and reporting on high-risk sectors of the economy, including Money or Value Transfer services.