Panama Papers fallout speeds up NZ’s anti-money laundering legislation

Justice Minister Amy Adams says it takes longer than “five minutes” to develop anti-money laundering legislation.

Anti-money laundering legislation has been moved up the “priority queue” in light of the Panama Papers and is expected to be in place by mid next year.

Justice Minister Amy Adams has backed up Prime Minister John Key’s comments that the legislation is being “accelerated” but it will take longer than “five minutes to be developed”.

“It’s an extensive regime across a number of New Zealand professionals. It involves potentially setting up another reporting entity to oversee it. We’ll have to go through all of that and work out exactly how it’s structure, the compliance impacts and how we do the reporting framework.

Debate around the Panama Papers had helped speed up work on New Zealand’s anti-money laundering legislation.

“It’s an extensive and complicated piece of legislation but we’re proceeding at pace,” she said.

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... read more at: http://www.stuff.co.nz/business/industries/80574898/Panama-Papers-fallout-speeds-up-NZs-anti-money-laundering-legislation