Latest news with #CounteringFinancingofTerrorism
Newsroom
03-08-2025
- Business
- Newsroom
Sweeping reforms to laundering laws
The Government has unveiled sweeping reforms to the country's anti money laundering laws to crack down on dirty money. Set to be in place by the next election, the changes to New Zealand's Anti-Money Laundering and Countering Financing of Terrorism regime aim to shut down dodgy deals, tighten financial loopholes, and take on the criminal underworld, while cutting unnecessary red tape for law-abiding citizens. It's estimated that a staggering $1.35 billion is generated from money laundering in New Zealand every year. The Detail talks to Lloyd Kavanagh, a financial services lawyer and deal maker from Minter Ellison Rudd Watts, about the changes, which include giving police greater powers to freeze bank accounts more quickly, banning cryptocurrency ATMs, introducing a more risk-based system for selling property from family trusts, and making it easier for parents to open bank accounts for their children. Kavanagh also welcomes efforts to streamline and simplify the system by introducing one supervision layer to oversee the rules. 'Currently, we have three supervisors who supervise different segments of the market,' he tells The Detail. 'You have the Reserve Bank, who is the [anti money laundering] supervisor for banks, you have the FMA who oversees securities market participants broadly, and then you have the Department of Internal Affairs, who looks after casinos and everybody else … lenders, lawyers, accountants, real estate agents, and quite a wide range of smaller businesses. 'What the Government is proposing is … we should have a single supervisor so that they can be consistent in the guidance that they give to reporting entities, and have a total overview of what's going on in the sector. So that is one measure which I think will have a significant impact. 'Some of the other measures … are actually to relieve the administrative burden – one of them is, at the moment, you have to verify your customer's address, which proves to be really difficult for a lot of people … so, the change will mean you only have to do that if you have got reasons for thinking it's a high-risk customer. 'I am actually optimistic that by removing some of the mandatory bureaucracy, resources will get refocused in doing what I think, and I certainly hope all New Zealanders are keen to do, which is to use the pressure on what happens to the proceeds of crime to help us detect crime in the first place.' Kavanagh does have some concerns about giving greater powers to police. 'I'm a little reserved about simply giving additional powers to the police if you don't have the right checks and balances'. And questions the ban on cryptocurrency ATMs, which are kiosks that allow users to buy and sell cryptocurrency using cash. 'I'm somewhat puzzled by that inclusion because I haven't seen the evidence as to why that would be a particular priority.' But ultimately, he believes the law changes will make a difference. 'We all benefit if there is less crime in New Zealand. These people [money launderers] make business decisions as to which countries are easier to operate in and profitable to operate in. 'And we know from the reports that have come from the Government over the last year that New Zealand has an increasing level of drug abuse. We know that we are more and more connected in a world where there are all sorts of transactions going on. 'What we need to do is just make ourselves a little bit harder to do bad things in. So, I think these [law changes] are positive steps.' Check out how to listen to and follow The Detail here. You can also stay up-to-date by liking us on Facebook or following us on Twitter.
The Sun
30-07-2025
- Business
- The Sun
BNM fines Bank Islam, Bank Rakyat, BSN for regulatory breaches
KUALA LUMPUR: Bank Negara Malaysia (BNM) has imposed administrative monetary penalties totalling RM9 million on Bank Islam Malaysia Bhd (BIMB), Bank Kerjasama Rakyat Malaysia Bhd (Bank Rakyat), and Bank Simpanan Nasional (BSN) for breaches of financial regulations. BNM stated today that it fined BIMB RM5.145 million for non-compliance with the Islamic Financial Services Act 2013 and related policy documents, including the Risk Management in Technology Policy Document (RMiT PD) and the Anti-Money Laundering, Countering Financing of Terrorism, and Targeted Financial Sanctions for Financial Institutions Policy Document. BIMB paid RM1.70 million for an administrative monetary penalty imposed on May 29, 2025 related to sanction screening failures, and RM1.745 million for a separate penalty imposed on June 30, 2025 over prolonged service disruptions. Separately, Bank Rakyat was fined RM2.85 million for non-compliance with the Development Financial Institutions Act 2002 (DFIA) and the RMiT PD. The bank paid the full amount on June 26, 2025. BSN was also fined RM995,000 for breaching the DFIA and RMiT PD, with payment made on June 25, 2025. - Bernama
The Star
30-07-2025
- Business
- The Star
Bank Negara fines Bank Islam, Bank Rakyat, BSN for regulatory breaches
KUALA LUMPUR: Bank Negara Malaysia (BNM) has imposed administrative monetary penalties totalling RM9 million on Bank Islam Malaysia Bhd (BIMB), Bank Kerjasama Rakyat Malaysia Bhd (Bank Rakyat), and Bank Simpanan Nasional (BSN) for breaches of financial regulations. BNM stated today that it fined BIMB RM5.145 million for non-compliance with the Islamic Financial Services Act 2013 and related policy documents, including the Risk Management in Technology Policy Document (RMiT PD) and the Anti-Money Laundering, Countering Financing of Terrorism, and Targeted Financial Sanctions for Financial Institutions Policy Document. BIMB paid RM1.70 million for an administrative monetary penalty imposed on May 29, 2025 related to sanction screening failures, and RM1.745 million for a separate penalty imposed on June 30, 2025 over prolonged service disruptions. Separately, Bank Rakyat was fined RM2.85 million for non-compliance with the Development Financial Institutions Act 2002 (DFIA) and the RMiT PD. The bank paid the full amount on June 26, 2025. BSN was also fined RM995,000 for breaching the DFIA and RMiT PD, with payment made on June 25, 2025. - Bernama
Business Recorder
11-06-2025
- Business
- Business Recorder
UAE among countries EU plans to remove from ‘high-risk' money-laundering list
The European Commission (EC) it set to remove the UAE from its list of high‑risk jurisdictions which have 'strategic deficiencies' in their national anti‑money laundering and countering financing of terrorism frameworks. On Tuesday, it announced that several jurisdictions have been delisted: the UAE, Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal and Uganda. The updated list takes into account the work of the Financial Action Task Force (FATF), it added. The UAE was removed from the FATF grey list in February 2024. 'The EU's decision to delist the UAE from its high-risk money laundering register reflects a broader shift that's been underway since 2022,' said business lawyer Kamal Jabbar. 'After being grey-listed by FATF, the UAE responded with sweeping legislative reforms, aggressive enforcement, and a national anti‑money laundering strategy,' he told Business Recorder, adding that 'hefty fines and enforcement actions signal that compliance is no longer optional.' 'This marks a reputational course correction. One that brings the UAE closer to regulatory parity with major financial hubs,' he said. What this means for the UAE's economy Once the decision comes into effect, EU banks and financial institutions handling UAE-linked transactions will face fewer 'enhanced due diligence' requirements. This reduces paperwork, speeds up processes, and cuts compliance costs. Being delisted reflects recognition of the UAE's strengthened AML/CFT (Anti–Money Laundering/Countering Financing of Terrorism) framework, which boosts investor confidence and enhances the country's attractiveness as a global financial hub and aligns with the UAE's ongoing efforts to diversify away from oil. It will also pave the way for faster progress on a free-trade agreement with the EU, UAE's second-largest trading partner. Back in April, EC President von der Leyen held a phone call with His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, where they agreed to launch negotiations on a free trade agreement. The EC had said at the time that negotiations will focus on liberalising trade in goods, services, and investment, while deepening cooperation in strategic sectors such as renewable energy, green hydrogen and critical raw materials. 'Delivering a modern and ambitious agreement will not only reinforce EU-UAE relations, but also contribute to broader regional prosperity.' it had said. Alignment with FATF The EU has said that as a founding member of FATF, it is closely involved in monitoring the progress of the listed jurisdictions, helping them to fully implement their respective action plans agreed with FAFT. 'Alignment with FATF is important for upholding the EU´s commitment to promoting and implementing global standards,' it said. The Commission has carefully considered the concerns expressed regarding its previous proposal and conducted a thorough technical assessment, based on specific criteria and a well‑defined methodology, incorporating information collected through the FATF, bilateral dialogues and on‑site visits to the jurisdictions in question, it added. Meanwhile a number of regions were added to the list – Algeria, Angola, Côte d'Ivoire, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal and Venezuela. EU entities covered by the anti‑money laundering framework are required to apply enhanced vigilance in transactions involving these countries, it said in its statement. 'This is important to protect the EU financial system,' it said. The update of the list takes the legal form of a delegated regulation, which will enter into force after scrutiny and non‑objection of the European Parliament and the Council within a period of one month, which can be prolonged for another month.
