New Zealand's progress in strengthening measures to tackle money laundering and terrorist financing

Publication details

Language

English

Country

New Zealand

Filename
New-Zealand-2024-FUR.pdf
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4 MB
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application/pdf
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18 July 2024 - Since the 2021 assessment of New Zealand's measures to tackle money laundering and terrorist financing and the 2022 Follow-Up, the country has taken a number of actions to strengthen its framework.

In line with the FATF Procedures for mutual evaluations, the country has reported back to the FATF on the action it has taken since their mutual evaluation. 

Consequently, to reflect New Zealand's progress, the FATF has now re-rated the country on 5 Recommendations:

  • Recommendation 14 is re-rated from partially compliant to largely compliant
  • Recommendation 16 is re-rated from partially compliant to largely compliant
  • Recommendation 19 is re-rated from partially compliant to compliant
  • Recommendation 22 is re-rated from partially compliant to largely compliant
  • Recommendation 23 is re-rated from partially compliant to largely compliant

Today, New Zealand is compliant on 9 Recommendations and largely compliant on 25. The country remains partially compliant on 6 Recommendations.

New Zealand will report back to the FATF on progress achieved in improving the implementation of its AML/CFT measures in its 5th round mutual evaluation.

Technical Compliance

Ratings which reflect the extent to which a country has implemented the technical requirements of the FATF Recommendations.

New Zealand Follow-Up Report 2024

R.1 - Assessing risk & applying risk-based approach
LC
R.2 - National cooperation and coordination
C
R.3 - Money laundering offence
C
R.4 - Confiscation and provisional measures
C
R.5 - Terrorist financing offence
LC
R.6 - Targeted financial sanctions related to terrorism & terrorist financing
LC
R.7 - Targeted financial sanctions related to proliferation
PC
R.8 - Non-profit organisations
LC
R.9 - Financial institution secrecy laws
C
R.10 - Customer due diligence
LC
R.11 - Record keeping
LC
R.12 - Politically exposed persons
PC
R.13 - Correspondent banking
LC
R.14 - Money or value transfer services
LC
R.15 - New technologies
LC
R.16 - Wire transfers
LC
R.17 - Reliance on third parties
LC
R.18 - Internal controls and foreign branches and subsidiaries
PC
R.19 - Higher-risk countries
C
R.20 - Reporting of suspicious transactions
C
R.21 - Tipping-off and confidentiality
C
R.22 - DNFBPs: Customer due diligence
LC
R.23 - DNFBPs: Other measures
LC
R.24 - Transparency and beneficial ownership of legal persons
PC
R.25 - Transparency and beneficial ownership of legal arrangements
LC
R.26 - Regulation and supervision of financial institutions
PC
R.27 - Powers of supervisors
LC
R.28 - Regulation and supervision of DNFBPs
PC
R.29 - Financial intelligence units
C
R.30 - Responsibilities of law enforcement and investigative authorities
C
R.31 - Powers of law enforcement and investigative authorities
LC
R.32 - Cash couriers
LC
R.33 - Statistics
LC
R.34 - Guidance and feedback
LC
R.35- Sanctions
LC
R.36 - International instruments
LC
R.37 - Mutual legal assistance
LC
R.38 - Mutual legal assistance: freezing and confiscation
LC
R.39 - Extradition
LC
R.40 - Other forms of international cooperation
LC

C = compliant   |   LC = largely compliant     |   PC = partially compliant   |   NC = non-compliant

Earlier reports