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New Zealand Publishes AML Regulations

Monday, July 4, 2011

Entities subject to the New Zealand Anti-Money Laundering and Countering Financing of Terrorism Act 2009 have two years to be compliant, following the publication of regulations and a commencement order.

New Zealand Justice Minister Simon Power said the two-year period is needed to ensure reporting entities such as financial institutions and casinos have time to prepare for the new system.

The regulations provide exemptions for a range of entities and services, but also prescribe some additional requirements in certain circumstances and extend coverage of the Act to certain types of financial advisers, and trust and company service providers.

“The regime is a vital part of the global fight against organized crime and will enhance our ability to detect and trace illegal money through the financial system, and allow the Police to use the Criminal Proceeds legislation to attack those profits,” Power said.

“The Act aims to ensure that New Zealand is not a safe haven for criminals and tax evaders and that our financial sector continues to be attractive to investors,” he added.

The regime also brings New Zealand more closely in line with Australia by improving compliance with the recommendations of the Financial Action Task Force (FATF) – the inter-governmental body responsible for international standards that combat money laundering and terrorist financing.

“This regime is designed to be proportionate and based on risk, recognizing that effective control of money laundering requires a collaborative approach between industry and government,” said Power.

The Ministry of Justice says that it will continue to work with the supervisory agencies and reporting entities to ensure the objectives of the Act are achieved.

The supervisory agencies – the Reserve Bank, the Financial Markets Authority, and the Department of Internal Affairs – will support industry to implement the regime, and guidance materials are being prepared to assist reporting entities.

The regime comes fully into force on June 30, 2013.

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The Report

Offshore Trusts Guide: Introduction

The History of Offshore Trusts
Development of Professional Competence in the Jurisdictions
What Future for the Trust?
The New Age of Transparency
The Swiss Association of Trust Companies
The Society of Trusts and Estates Practitioners

Offshore Trusts Guide: Jurisdictions

Bahamas

Bahamas: Legal Framework and Formation Rules and Fees
Bahamas: 2006 Private Trust Companies Legislation

Barbados

Barbados: Legal Framework and Formation Rules and Fees
Barbados: Supervisory and Licensing Regime and Fees

Bermuda

Bermuda: Legal Framework and Formation Rules and Fees
Bermuda: Supervisory and Licensing Regime and Fees

British Virgin Islands

British Virgin Islands: Legal Framework and Formation Rules and Fees
British Virgin Islands: Special Trusts Act 2003
British Virgin Islands: The Trustee Act 2003
British Virgin Islands: :Supervisory and Licensing Regime and Fees
British Virgin Islands: New Laws on Private Trust Companies
British Virgin Islands: New Private Trust Company Regulations

Cayman Islands

Cayman Islands: Legal Framework and Formation Rules and Fees
Cayman Islands: Supervisory and Licensing Regime and Fees

Cook Islands

Cook Islands: Legal Framework and Formation Rules and Fees
Cook Islands: Supervisory and Licensing Regime and Fees

Cyprus

Cyprus: Legal Framework and Formation Rules and Fees
Cyprus: Supervision, Licensing and Tax

Gibraltar

Gibraltar: Legal Framework and Formation Rules and Fees
Gibraltar: Legislation, Regulation and Supervision

Guernsey

Guernsey: Legal Framework and Formation Rules and Fees
Guernsey: Trusts Law 2007

Isle of Man

Isle of Man: Legal Framework and Formation Rules and Fees
Isle of Man: Supervisory and Licensing Regime
Isle of Man: Uses Clients and Tax Treatment

Jersey

Jersey: Legal Framework and Formation Rules and Fees
Jersey: Supervisory and Licensing Regime
Jersey: Trusts Amendment Act 2006
Jersey: Foundations

Liechtenstein

Liechtenstein: Legal Framework and Formation Rules and Fees
Liechtenstein: Regulation Supervision and Transparency
Liechtenstein: Characteristics of Liechtenstein Trusts
Liechtenstein: Foundations

Madeira

Madeira: Legal Framework and Formation Rules and Fees

Malta

Malta: Legal Framework and Formation Rules and Fees
Malta: The Trust and Trustees Act 2004

Mauritius

Mauritius: Legal Framework and Formation Rules and Fees
Mauritius: Characteristics of the 2001 Trusts Act
Mauritius: Additional Provisions of the 2001 Trusts Act
Mauritius: Tax Treatment

Monaco

Monaco: Legal Framework and Formation Rules and Fees

Nevis

Nevis: Legal Framework and Formation Rules and Fees

Panama

Panama: Legal Framework and Formation Rules and Fees
Panama: Requirements for Acting as Trust Company in Panama

Seychelles

Seychelles: Legal Framework and Formation Rules and Fees

Turks & Caicos

Turks & Caicos: Legal Framework and Formation Rules and Fees
Turks & Caicos: The Voidable Dispositions Ordinance

Vanuatu

Vanuatu Legal Framework and Formation Rules and Fees




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