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Anti-Money Laundering and Countering Financing of Terrorism Act 2009

Preliminary provisions

3: Purpose

You could also call this:

"This law helps stop money laundering and terrorism funding in New Zealand."

Illustration for Anti-Money Laundering and Countering Financing of Terrorism Act 2009

The purpose of this Act is to help you understand how to detect and deter money laundering and the financing of terrorism. You will see that it aims to maintain and enhance New Zealand's international reputation by following recommendations from the Financial Action Task Force. This Act also helps to contribute to public confidence in the financial system by facilitating co-operation amongst different entities and government agencies.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM2140726.

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2: Commencement, or

"When the Anti-Money Laundering Act starts"

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4: Overview, or

"This law has different parts that explain what it's about, the rules, and what happens if someone breaks them."

Part 1Preliminary provisions

3Purpose

  1. The purposes of this Act are—

  2. to detect and deter money laundering and the financing of terrorism; and
    1. to maintain and enhance New Zealand’s international reputation by adopting, where appropriate in the New Zealand context, recommendations issued by the Financial Action Task Force; and
      1. to contribute to public confidence in the financial system.

        1. Accordingly, this Act facilitates co-operation amongst reporting entities, AML/CFT supervisors, and various government agencies, in particular law enforcement and regulatory agencies.