31 August, 2020
Update on anti-money laundering rules for barristers
Recent changes to the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) regime impose significant obligations on a limited number of barristers. This article provides an update on the NZBA’s efforts to seek a class exemption for barristers to better align the regime with the day-to-day realities of legal practice.
The AML/CFT Amendment Act 2017 extended the AML/CFT regime to cover a range of new entities—including many lawyers.
The aim of the regime is important, seeking to improve New Zealand’s ability to tackle money laundering and the financing of terrorism. But the changes impose stringent obligations for those affected, requiring significant changes to the day-to-day practice of some barristers.
