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Anti-Money Laundering and Countering Financing of Terrorism Act 2009

Consequential amendments, repeals, and revocation

Schedule 1: Transitional savings, and related provisions

You could also call this:

"Rules for when the law changed in 2017"

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

You are reading about the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. This Act has some special rules that apply when it changed in 2017. These rules are called transitional provisions. You need to know that some things that happened before 2017 are still dealt with under the old rules. This includes investigating and punishing people who broke the law before 2017. If someone had already started a case in court before 2017, they can finish it using the old rules. There are also rules about reporting suspicious transactions. Some of these rules changed in 2017, but they still apply to things that happened before then. This means that people who have to report suspicious transactions must keep doing it until 1 July 2018 or an earlier date set by the government. The government can also make special orders about how these rules work. These orders are like secondary legislation, which is a type of law that is made by the government. You can find out more about secondary legislation in the Legislation Act 2019 https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM7298343.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM2141073.

Topics:
Money and consumer rights > Consumer protectionCrime and justice > Criminal lawCrime and justice > Police and safety
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"Rules for taking cash in and out of New Zealand"

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Schedule 2: Consequential amendments, or

"Changes to other laws to help stop money laundering and terrorism"

1Transitional savings, and related provisions Empowered by s 7A

1Transitional, savings, and related provisions relating to Financial Transactions Reporting Act 1996

1Offences and breaches of Financial Transactions Reporting Act 1996

  1. This clause applies to an offence under, or a breach of, the Financial Transactions Reporting Act 1996 that was committed before the commencement of this Act.

  2. If this clause applies, then for the purpose of doing the things specified in subclause (3), the Financial Transactions Reporting Act 1996 continues to have effect as if this Act had not been enacted.

  3. The things referred to in subclause (2) are as follows:

  4. investigating the offence or breach:
    1. commencing, continuing, or completing proceedings for the offence or breach:
      1. imposing a penalty for the offence or breach (which, for the avoidance of doubt, must be the same as the penalty that applied to the offence or the breach before this Act was enacted).

        2Barred proceedings

        1. Nothing in this Act enables any proceedings to be brought that were barred before the commencement of this Act.

        3Pending proceedings

        1. Any proceedings that have been commenced under the Financial Transactions Reporting Act 1996 before the commencement of this Act may be continued and completed after that commencement as if this Act had not been enacted, and the Financial Transactions Reporting Act 1996 applies accordingly.

        2Transitional provisions relating to Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017

        4Application for exemption

        1. Any application for an exemption under section 157 that has been lodged but not determined by the Minister, immediately before the commencement of this clause, must be determined by the Minister under section 157 (as amended by section 63 of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (the 2017 Act)).

        Suspicious transaction reports continue until 1 July 2018 or earlier date appointed by Order in Council

        5Reporting entity must continue to report suspicious transactions

        1. Despite section 25 of the 2017 Act, in the period between the commencement of this clause and 1 July 2018 or an earlier date appointed by the Governor-General by Order in Council,—

        2. a reporting entity must comply with sections 40, 41, and 43 to 48 (as they read before the commencement of section 25 of the 2017 Act) (which relate to suspicious transaction reports); and
          1. a reporting entity and any other person may rely on section 42 of the principal Act (as inserted by section 25 of the 2017 Act); and
            1. a reporting entity must not comply with sections 39A, 41, and 43 to 48 (as inserted by section 25 of the 2017 Act); and
              1. for the purposes of giving effect to paragraphs (a) and (c), section 42 (as inserted by section 25 of the 2017 Act) and sections 139, 140, 142, 143, 144, 145, 146, 147, 148, 153, and 154 (as amended or inserted by sections 50 to 61 of the 2017 Act) apply with any necessary modifications; and
                1. subject to paragraphs (b) and (d), for the purposes of, and to the extent necessary for, giving effect to paragraphs (a) and (c), this Act (as it read before the enactment of the 2017 Act) continues in force.

                  1. An order under this clause is secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

                  Notes
                  • Schedule 1 clause 5(2): inserted, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).

                  6Treatment of existing suspicious transaction reports

                  1. If, on the commencement of section 25, the Commissioner of Police holds 1 or more suspicious transaction reports given to the Commissioner before the commencement of section 50, the provisions of this Act (as amended by the 2017 Act) apply to those reports as if they were suspicious activity reports.

                  7Exemption powers apply immediately to new reporting entities

                  1. Any reporting entity or class of reporting entity to which, under section 6(3), this Act does not yet apply but will apply at a future date may, on or after the commencement of this clause, apply for an exemption under section 157, and the powers and duties conferred by sections 157 to 159 in relation to applications for exemptions apply immediately.