67789 (2024). Hon Dr Duncan Webb to the Associate Minister of Justice

67789 (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 Regulation and Supervision of Financial Institutions 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 recently announced AML/CFT work programme will include a programme of statutory reforms that will help to deliver regulatory relief to businesses and ordinary New Zealanders, and ensure better compliance with Financial Action Task Force recommendations. This work programme will include consideration of how best to supervise targeted financial sanction obligations, and structural reforms to the supervisor model to ensure more effective and risk-based supervision of financial institutions.