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Anti-Money Laundering and Countering Financing of Terrorism Act 2009

Institutional arrangements and miscellaneous provisions - Miscellaneous provisions - Regulations

155: Regulations relating to countermeasures

You could also call this:

"Rules to stop money laundering and terrorism financing"

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

The Governor-General can make rules to stop or limit transactions between a reporting entity and another person. You can think of a reporting entity as a business that has to follow certain rules to prevent money laundering. The Governor-General can make these rules on the advice of the Minister, and they can apply to all transactions or just specific ones. The rules can be general or they can be limited to specific transactions, parties, or countries. The Governor-General can also declare a country outside New Zealand to be a prescribed overseas country, which means it will be subject to these rules. Any rules made under this section will expire after 5 years, unless they are renewed. You can find out more about how these rules are published by looking at Part 3 of the Legislation Act 2019.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM2141063.

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154: Regulations relating to application of Act, or

"Rules about how the Anti-Money Laundering Act is applied"

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Part 4Institutional arrangements and miscellaneous provisions
Miscellaneous provisions: Regulations

155Regulations relating to countermeasures

  1. The Governor-General may, by Order in Council made on the recommendation of the Minister, make regulations for, or in relation to, prohibiting or regulating the entering into of transactions or business relationships between a reporting entity and any other person.

  2. Regulations made for the purposes of subsection (1)—

  3. may be of general application; or
    1. may be limited by reference to any or all of the following:
      1. a specified transaction:
        1. a specified party:
          1. a specified overseas country.

          2. The Governor-General may, by Order in Council, declare a country outside New Zealand to be a prescribed overseas country for the purposes of this section.

          3. Any regulations made under subsection (1) expire on the day that is 5 years after the date on which regulations come into force.

          4. The following are secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements):

          5. regulations under subsection (1):
            1. an order under subsection (3).

              Notes
              • Section 155(5): inserted, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).