Plain language law

New Zealand law explained for everyone

Anti-Money Laundering and Countering Financing of Terrorism Act 2009

Institutional arrangements and miscellaneous provisions - Institutional arrangements - Financial intelligence functions of Commissioner

142: Financial intelligence functions of Commissioner

You could also call this:

"The Commissioner's job is to help stop money laundering and terrorism by checking reports and working with other agencies."

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

The Commissioner has some important jobs. They receive reports about suspicious activities. They also make guides to help people understand what to report. The Commissioner checks the quality of these reports and makes sure people send them in. They look at the reports to see if they should be sent to the police for investigation. The Commissioner can access information from other agencies to help with their job. They work with other agencies like the police and customs to stop money laundering. The Commissioner also helps implement the Russia Sanctions Act 2022. They cooperate with other agencies to make sure the law is followed.

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 It might be out of date or be missing some parts.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=DLM2141047.

Topics:
Money and consumer rights > TaxesCrime and justice > Police and safety
Previous

141: Enforcement officers, or

"People chosen to help enforce anti-money laundering laws"

Next

143: Powers relating to financial intelligence functions of Commissioner, or

"The Commissioner's power to get and share financial information to stop money laundering"

Part 4Institutional arrangements and miscellaneous provisions
Institutional arrangements: Financial intelligence functions of Commissioner

142Financial intelligence functions of Commissioner

  1. The financial intelligence functions of the Commissioner are to—

  2. receive suspicious activity reports:
    1. produce guidance material, including—
      1. typologies of money laundering and financing of terrorism transactions:
        1. information for reporting entities on their obligations to report suspicious activities and prescribed transactions, and how to meet those obligations:
        2. provide feedback to reporting entities on the quality and timeliness of their suspicious activity reporting:
          1. enforce requirements to provide suspicious activity reports:
            1. analyse suspicious activity reports to assess whether any should be referred to investigative branches of the New Zealand Police and to other law enforcement agencies for criminal investigation:
              1. access, directly or indirectly, on a timely basis the financial, administrative, and law enforcement information that the Commissioner requires to properly undertake his or her financial intelligence functions, including the analysis of suspicious activity reports and prescribed transaction reports:
                1. refer to investigative branches of the New Zealand Police and to other law enforcement agencies any suspicious activity reports and prescribed transaction reports that, in the view of the Commissioner, indicate grounds for criminal investigation:
                  1. refer suspicious activity reports and prescribed transaction reports and feedback provided to reporting entities on any suspicious activity reports and prescribed transaction reports to AML/CFT supervisors:
                    1. receive, analyse, and (if appropriate) refer to law enforcement agencies any cash reports:
                      1. receive, analyse, and (if appropriate) refer to law enforcement agencies any suspicious property reports:
                        1. receive, analyse, and (if appropriate) refer to investigative branches of the New Zealand Police and to other law enforcement agencies, any prescribed transaction reports:
                          1. produce risk assessments relating to money laundering offences and the financing of terrorism to be used by the Ministry, the Ministry of Justice, AML/CFT supervisors, and the New Zealand Customs Service:
                            1. receive and analyse financial intelligence relating to law enforcement purposes from international authorities authorised to perform functions broadly equivalent to the Commissioner’s financial intelligence functions:
                              1. co-operate with the Secretary of Foreign Affairs and Trade to implement and enforce the Russia Sanctions Act 2022:
                                1. co-operate with the Ministry, the Ministry of Justice, AML/CFT supervisors, the New Zealand Customs Service, regulators, and any other relevant agencies to help ensure the effective implementation of the requirements under this Act and regulations.

                                  Notes
                                  • Section 142(a): amended, on , by section 53(1) of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).
                                  • Section 142(b)(ii): replaced, on , by section 53(2) of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).
                                  • Section 142(c): amended, on , by section 53(3) of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).
                                  • Section 142(d): amended, on , by section 53(4) of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).
                                  • Section 142(e): amended, on , by section 53(5) of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).
                                  • Section 142(f): amended, on , by section 53(6) of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).
                                  • Section 142(f): amended, on , by section 22(2) of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015 (2015 No 96).
                                  • Section 142(g): amended, on , by section 53(7) of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).
                                  • Section 142(g): amended, on , by section 22(3) of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015 (2015 No 96).
                                  • Section 142(h): amended, on , by section 53(8) of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).
                                  • Section 142(h): amended, on , by section 22(4) of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015 (2015 No 96).
                                  • Section 142(ja): inserted, on , by section 22(1) of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2015 (2015 No 96).
                                  • Section 142(ka): inserted, on , by section 53(9) of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).
                                  • Section 142(kb): inserted, on , by section 33(4) of the Russia Sanctions Act 2022 (2022 No 6).
                                  • Section 142(l): amended, on , by section 53(10) of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).