Plain language law

New Zealand law explained for everyone

Limited Partnerships Act 2008

General - Registrar's powers to identify controllers of limited partnership

78A: Purpose of sections 78B to 78H

You could also call this:

"Rules to help stop money laundering by knowing who controls limited partnerships"

Illustration for Limited Partnerships Act 2008

The purpose of sections 78B to 78H is to help the Registrar get the right information about who controls limited partnerships. You need to know that this is for law enforcement purposes, so the Registrar can make sure New Zealand follows the rules set by the Financial Action Task Force on Money Laundering, also known as the FATF. The FATF is a group that was set up in Paris in 1989 to help stop money laundering.

The Registrar wants to make sure they have accurate and up-to-date information about who really owns and controls limited partnerships. This is so New Zealand can conform with the FATF Recommendations, which are rules that were adopted by the FATF in 2012.

The FATF Recommendations are important because they help countries work together to stop money laundering and other financial crimes.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6251652.

Topics:
Business > Starting a businessBusiness > Industry rulesMoney and consumer rights > Banking and loansCrime and justice > Criminal law
Previous

78: Registrar’s powers of inspection, or

"The Registrar can check limited partnerships are following the rules and have correct information."

Next

78B: Control interests in partnership interests (basic rule), or

"Who has control in a partnership and how they get it"

Part 2General
Registrar's powers to identify controllers of limited partnership

78APurpose of sections 78B to 78H

  1. The purpose of sections 78B to 78H is to ensure that the Registrar may, for law enforcement purposes, obtain adequate, accurate, and timely information on the beneficial ownership and control of limited partnerships in order to conform with New Zealand's obligations under the FATF Recommendations.

  2. In this section,—

    FATF means the Financial Action Task Force on Money Laundering established in Paris in 1989

      FATF Recommendations means the revised Recommendations adopted by FATF at its plenary meeting on 15–17 February 2012.

      Notes
      • Section 78A: inserted, on , by section 25 of the Limited Partnerships Amendment Act 2014 (2014 No 47).