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Anti-Money Laundering and Countering Financing of Terrorism Act 2009

AML/CFT requirements and compliance - Codes of practice

64: Procedure for approval and publication of codes of practice

You could also call this:

"How the Minister Approves and Publishes Rules to Stop Money Laundering"

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

The Minister in charge must not approve a code of practice unless the AML/CFT supervisor recommends it and consults with the right people. You need to know that the AML/CFT supervisor must give these people a copy of the code or a summary of it and let them comment on it for at least 20 working days. The Minister can tell the AML/CFT supervisor to change the code and can even make changes themselves if needed. The Minister must approve the code of practice after any changes are made. A code of practice is a type of secondary legislation, which means it has to be published in a certain way (see https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM7298343 for more information). This Act says how the code of practice should be published and treated as if the Minister made it. The Minister can direct the AML/CFT supervisor to reconsider any part of the code and make changes. If the AML/CFT supervisor does not make these changes, the Minister can make them instead. The Minister can also make further changes after talking to the AML/CFT supervisor.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM2140928.

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63: AML/CFT supervisors to prepare codes of practice for relevant sectors, or

"Rules to help businesses follow anti-money laundering laws"

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65: Amendment and revocation of codes of practice, or

"Changing or Cancelling Rules to Stop Money Laundering"

Part 2AML/CFT requirements and compliance
Codes of practice

64Procedure for approval and publication of codes of practice

  1. The responsible Minister must not approve a code of practice prepared by an AML/CFT supervisor unless—

  2. the AML/CFT supervisor has made a recommendation that the Minister should approve the code of practice; and
    1. the AML/CFT supervisor has consulted the persons and organisations that the Minister thinks appropriate, having regard to the subject matter of the proposed code of practice.

      1. In consulting under subsection (1)(b), the AML/CFT supervisor must ensure that—

      2. a copy of the proposed code of practice or a summary of its contents, in hard copy or electronic format, is provided to the persons and organisations being consulted; and
        1. the persons and organisations being consulted have at least 20 working days to make submissions or representations about the proposed code of practice.

          1. The responsible Minister may direct the AML/CFT supervisor to reconsider any aspect of the proposed code of practice and to make any amendments that the Minister considers necessary.

          2. Despite subsection (3),—

          3. if the AML/CFT supervisor does not amend the proposed code of practice as directed by the Minister or within the time specified by the Minister, the Minister may make those amendments:
            1. the Minister may, after consultation with the AML/CFT supervisor, make any further amendments to the proposed code of practice that he or she considers necessary.

              1. The responsible Minister must—

              2. approve the proposed code of practice as prepared by the AML/CFT supervisor; or
                1. approve the proposed code of practice as amended by the AML/CFT supervisor; or
                  1. approve the proposed code of practice as amended by the Minister after consultation with the AML/CFT supervisor.

                    1. A code of practice is secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

                    2. That Act applies as if—

                    3. the Minister were the maker of the code of practice; and
                      1. the code of practice were made by the Minister approving it.

                        Notes
                        • Section 64(6): replaced, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).
                        • Section 64(7): inserted, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).