Property Lunch with Barfoot and Thompson – Anti Money Laundering Act  ( Networking )
- Date: 06 March 2019
- End: 1:30
- Street: 770 Great South Road
- Suburb: Manukau
- City: Auckland 2104
Money laundering is a major issue internationally that has negative consequences for governments and societies. Even in New Zealand, which has a comparatively strong reputation and strict anti-corruption systems, there is an estimated $1.35 billion being laundered each year.
The government put legislation in place in 2009 to try to identify and prevent money laundering and financing of terrorism in New Zealand, in the form of the Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT).
The first phase of the legislation applied to banks, casinos and financial service providers. They have been subject to the legislation since 2013.
The second stage has just been implemented, which includes real estate agents, lawyers and accountants. The AML requirements came into force for Registered Real Estate Agencies on the 1st January this year, and there implications for all of us as property buyers and sellers.