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Anti-Money Laundering and Countering Financing of Terrorism Act 2009

Institutional arrangements and miscellaneous provisions - Institutional arrangements - Co-ordination

149: Role of Ministry

You could also call this:

"The Ministry helps stop money laundering and terrorism funding by advising and checking the system."

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

You need to know the Ministry's role in the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. The Ministry advises on how well the system is working. It talks to other agencies with similar roles. You will see the Ministry does several things. It advises the Minister on what the system should achieve and how to do it. It also checks how well the system is working and suggests changes to improve it. The Ministry helps with laws related to stopping money laundering and terrorism funding. It makes sure the system is effective and efficient.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM2141055.

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148: Review of guidelines, or

"The Commissioner regularly checks guidelines to stop money laundering and terrorism."

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150: AML/CFT co-ordination committee, or

"A group to help stop money laundering and terrorism financing"

Part 4Institutional arrangements and miscellaneous provisions
Institutional arrangements: Co-ordination

149Role of Ministry

  1. The Ministry, in consultation with other agencies with AML/CFT roles and functions, is responsible for advising on the overall effectiveness and efficiency of the AML/CFT regulatory system, including—

  2. advising the Minister on outcomes and objectives for AML/CFT regulation and how best to achieve these (including links to other Government initiatives relevant to the purposes of this Act); and
    1. monitoring, evaluating, and advising the Minister on the performance of the AML/CFT regulatory system in achieving the Government’s outcomes and objectives for it; and
      1. advising the Minister on any changes necessary to the AML/CFT regulatory system to improve its effectiveness; and
        1. administering the relevant AML/CFT legislation.