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Anti-Money Laundering and Countering Financing of Terrorism Act 2009

Preliminary provisions

7: Amounts not in New Zealand currency

You could also call this:

"Converting foreign cash to New Zealand dollars"

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

When you need to work out if some cash is above a certain amount, you have to consider the cash in New Zealand currency. If the cash is in a different currency, you need to convert it to New Zealand currency. You do this by using the exchange rate on the day you make the calculation. If there are multiple exchange rates on that day, you use the average rate. A bank in New Zealand can give you a certificate to confirm the exchange rate, and this certificate is enough evidence of the rate and the equivalent amounts in different currencies. You can find more information about this by looking at s 4.

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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=DLM2140836.

Topics:
Money and consumer rights > Banking and loans
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Part 1Preliminary provisions

7Amounts not in New Zealand currency

  1. This section applies if, for the purposes of this Act or regulations, it is necessary to determine whether the amount of any cash (whether alone or together with any other amount of cash)—

  2. is equal to or above the applicable threshold value; and
    1. is denominated in a currency other than New Zealand currency.

      1. If this section applies, the amount of the cash is taken to be the equivalent in New Zealand currency,—

      2. calculated at the rate of exchange on the date of the determination; or
        1. if there is more than 1 rate of exchange on that date, calculated at the average of those rates.

          1. For the purposes of this section, a written certificate purporting to be signed by an officer of any bank in New Zealand that a specified rate of exchange prevailed between currencies on a specified day, and that at such rate a specified sum in a particular currency is equivalent to a specified sum in terms of the currency of New Zealand, is sufficient evidence of the rate of exchange so prevailing and of the equivalent sums in terms of the respective currencies.

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          Notes
          • Section 7(1): amended, on , by section 7(1) of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).
          • Section 7(1)(a): amended, on , by section 7(2) of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).