wmlro.com: NZ publishes Bill
As reported in wmlro.com in October 2008 (New Zealand: high hopes for new law) NZ has at last come up with a Bill and submitted it to Parliament.
The preamble says that it intends that the law will bring NZ into line with the FATFR40+9 - 2003 edition. But it also hopes that it will bring it more into line with Australian law.
The current NZ law is woefully out of date and fails to cover many business areas that are common. But any Act based on the Bill is going to prove a complex and unwieldy piece of legislation.
The Bill was put before Parliament on the 9 July and unanimously passed its first reading.
However, as we indicated in our previous report, the Bill will almost certainly be held in parliamentary process until after the Financial Action Task Force's Mutual Evaluation Review which is scheduled for October this year.
For comment on the Bill, keep an eye on World Money Laundering Report (http://www.vortexcentrum.com
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