AML/CFT Act 2009

Question 1

What is the Purpose of the Act under s3?

Answer 1

The purpose of the Act:

(1)

1. Detect and deter ML/FT
2. Maintain and enhance NZ’s international reputation by adopting recommendations of FATF
3. Contribute to public confidence in the financial system.

(2)

The Act facilitates cooperation among REs, Supervisors, and government agencies