20 Jun 2013

New anti-money laundering rules supported by Reserve Bank

12:01 pm on 20 June 2013

The Reserve Bank says new anti-money laundering rules will help to take the profit out of crime, cut the chances of New Zealand's involvement in terrorism financing and enhance its reputation on the global stage.

Under the new regulations, which are to come into force from the end of the month, firms will have to make sure they have systems in place to detect and report suspicious activity.

The Reserve Bank, the Department of Internal Affairs and the Financial Markets Authority are charged with supervising it.

The Reserve Bank said the new regime is part of a co-ordinated international effort to tackle profit-making from criminal activities and funding of terrorist attacks.