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Minter Ellison Rudd Watts NewsAML/CFT Act consultation document released 11 August 2010
This week, the Ministry of Justice released a consultation document on the implementation of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009, with submissions being invited by 6 September 2010.
The consultation document outlines proposed refinements of the options and proposals set out in the Ministry’s earlier discussion document released in February. It also contains detailed proposals for an approach to codes of practice relating to Customer Due Diligence. Alongside the Document the Ministry has also released a policy document governing Ministerial Exemptions. Under the AML/CFT Act, exemptions are obtained through regulation or Ministerial Exemption. At this stage, a formal application process for Ministerial Exemption does not exist. However, the Ministry’s new policy document is a guide for Reporting Entities on how to apply for exemptions.
If you would like to discuss the affects of the regime on your business we invite you to click here to read our latest News Alert about this proposed AML/CFT regime, or to contact one of our AML legal experts for more information. 
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