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Anti-Money Laundering and Countering Financing of Terrorism Act 2009

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

152: Functions

You could also call this:

"The committee's job is to help stop money laundering and terrorism financing by sharing information and working together."

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

You need to know what the AML/CFT co-ordination committee does. The committee helps share information between supervisors and agencies. It also helps them work together on policies and laws. You are part of a system that stops money laundering and terrorism financing. The committee makes sure everyone gets the right information to make good decisions. It helps supervisors and agencies work together and share good practices. The committee does many things to help stop money laundering and terrorism financing. It helps develop guidance and training for supervisors and agencies. It also looks at issues that affect how well the system works.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM2141058.

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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."

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153: Regulations, or

"Rules made by the Governor-General to help stop money laundering and terrorism financing"

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

152Functions

  1. The functions of the AML/CFT co-ordination committee are to—

  2. facilitate necessary information flows between the AML/CFT supervisors, the Commissioner, and other agencies involved in the operation of the AML/CFT regulatory system:
    1. facilitate the production and dissemination of information on the risks of money-laundering offences and the financing of terrorism in order to give advice and make decisions on AML/CFT requirements and the risk-based implementation of those requirements:
      1. facilitate co-operation amongst AML/CFT supervisors and consultation with other agencies in the development of AML/CFT policies and legislation:
        1. facilitate consistent and co-ordinated approaches to the development and dissemination of AML/CFT guidance materials and training initiatives by AML/CFT supervisors and the Commissioner:
          1. facilitate good practice and consistent approaches to AML/CFT supervision between the AML/CFT supervisors and the Commissioner:
            1. provide a forum for examining any operational or policy issues that have implications for the effectiveness or efficiency of the AML/CFT regulatory system.