Mutual Evaluation of New Zealand: 2nd Follow-up Report

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New Zealand

Mutual Evaluation of New Zealand: 2nd Follow-up Report

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Mutual Evaluation of New Zealand: 2nd Follow-up Report

New Zealand was placed in the regular follow-up process as a result of non-compliant (NC) and partially compliant (PC) ratings for certain core and key Recommendations in its Mutual Evaluation of New Zealand

The October 2013 follow-up report contains a detailed description and analysis of the actions taken by New Zealand in respect of all Recommendations rated partially compliant (PC) or non-compliant (NC) in the 2009 mutual evaluation report – including the core, the key and all other Recommendations.

Since the adoption of its mutual evaluation report in 2009, New Zealand has focused its attention on:

  • Strengthening the AML/CFT legislative framework with the adoption of new preventive AML/CFT Legislation – the AML/CFT Act, 2009 - which came into full force and effect on 30 June 2013.
  • Issuing a set of implementing preventive AML/CFT measures, a National Risk Assessment and comprehensive guidance material to assist reporting entities with the implementation of the Act.
  • Introducing several changes to its supervisory framework, including establishing three statutory supervisors for reporting entities subject to the Act: The Reserve Bank of New Zealand; the Financial Markets Authority; and the Department of Internal Affairs.
  • Strengthening its registration and licensing regime for financial service providers and the insurance sector.
  • Introducing a new cross-border cash reporting regime.

In October 2013, the FATF recognised that New Zealand had made significant progress in addressing the deficiencies identified in the 2009 mutual evaluation report and could be removed from the regular follow-up process. The decision by the FATF to remove a country from the regular follow-up process is based on Third Round of AML/CFT Mutual Evaluations - Process and Procedures agreed in October 2009.