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Anti-Money Laundering and Countering Financing of Terrorism Act 2009

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

150: AML/CFT co-ordination committee

You could also call this:

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

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

The chief executive must set up a group called the AML/CFT co-ordination committee. You will have people in this group from the Ministry, the New Zealand Customs Service, and every AML/CFT supervisor. The Commissioner will also have a representative in the group. The chief executive can invite other people to join the group, but they must work for a government agency. The chief executive is in charge of the AML/CFT co-ordination committee. When the chief executive invites people to join the group, they must work for the government.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM2141056.

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149: Role of Ministry, or

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

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151: Role of AML/CFT co-ordination committee, or

"A committee helps stop money laundering and terrorism by working together with different groups."

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

150AML/CFT co-ordination committee

  1. The chief executive must establish an AML/CFT co-ordination committee consisting of—

  2. a representative from the Ministry; and
    1. a representative from the New Zealand Customs Service; and
      1. every AML/CFT supervisor; and
        1. a representative of the Commissioner; and
          1. such other persons as are invited from time to time by the chief executive in accordance with subsection (2).

            1. Any person invited under subsection (1)(e) must be employed in a government agency.

            2. The chair of the AML/CFT co-ordination committee is the chief executive.