Monday, 26 July 2021

ACT questions anti-money laundering legislation


“ACT is today asking for feedback about the anti-money laundering legislation passed by the National Government in 2009,” says ACT’s Associate Finance spokesperson Damien Smith.

“We understand the need to protect New Zealand from criminal activity and that we have international obligations, but since its implementation, there have been regular issues raised about the restrictiveness and regulatory burden placed on businesses.

“A lack of understanding and support has led to employers feeling the need to over-compensate and they've found it harder to access finance or real estate.

“At the same time, it is unclear whether the legislation has delivered tangible results in the most effective way to curb money laundering. We need to make sure the law is tailored to what works in New Zealand and not just what looks good at international forums.

“Good lawmaking should prioritise clarity and predictability. The legislation is not up to standard and it piles compliance costs on businesses. If there is one thing that is clear about the legislation it is that the very people it is intended to regulate struggle to understand what is being required of them.

“ACT is asking for feedback from those have to deal with anti-money laundering legislation about how we can improve this complicated system while still protecting New Zealand from money laundering.

“We want businesses to be able to operate safely with as little red tape and cost and possible.”