“ACT is today asking for feedback about the anti-money laundering legislation passed by the National Government in
2009,” says ACT’s Associate Finance spokesperson Damien Smith.
“We understand the need to protect New Zealand from criminal activity and that we have international obligations, but
since its implementation, there have been regular issues raised about the restrictiveness and regulatory burden placed
on businesses.
“A lack of understanding and support has led to employers feeling the need to over-compensate and they've found it
harder to access finance or real estate.
“At the same time, it is unclear whether the legislation has delivered tangible results in the most effective way to
curb money laundering. We need to make sure the law is tailored to what works in New Zealand and not just what looks
good at international forums.
“Good lawmaking should prioritise clarity and predictability. The legislation is not up to standard and it piles
compliance costs on businesses. If there is one thing that is clear about the legislation it is that the very people it
is intended to regulate struggle to understand what is being required of them.
“ACT is asking for feedback from those have to deal with anti-money laundering legislation about how we can improve this
complicated system while still protecting New Zealand from money laundering.
“We want businesses to be able to operate safely with as little red tape and cost and possible.”