Anti-money laundering law needs 'major improvement': review

Justice minister Kiri Allan is expected to make an announcement on the act this afternoon. (Image: Supplied)

Mon, 07 Nov 2022

A report by the Ministry of Justice says the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Act needs major improvement with some elements overly prescriptive, the national risk assessment out-of-date, and the regime under-resourced. The ministry tabled the review in parliament today, which said the act had “foundational issues” preventing it from being the best it could be. The report included more than 50 recommendations to improve the law, and its release comes ahead of justice minister Kiri A...

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