New Zealand’s Inland Revenue Department (IRD) has welcomed the implementation of amended anti-money laundering regulations as likely to aid in its crackdown on abusive offshore arrangements and the so-called “hidden economy.”
The rules, which entered into force this week, are designed to help law enforcement agencies detect and deter serious crimes, including tax evasion and fraud. They apply to a range of businesses classified as reporting entities, such as banks, other financial institutions, some financial advisors, and casinos.
These entities are required to check and verify customers’ identities, assess the risks businesses face, adopt an anti-money laundering program, appoint a compliance officer, and report suspicious or unusual transactions.
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Link to the new NZ AML regulation: Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Regulations 2011