Anti-money laundering law extension balances cost to businesses

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Lawyers, conveyancers, accountants, real estate agents, and sports and racing betting are now subject to money laundering legislation after it was fast-tracked in the fallout from the Panama Papers last year.

The second phase of the Anti-Money Laundering and Countering Financing of Terrorism Act was introduced by Justice Minister Amy Adams on Monday.

Banks, casinos and financial service providers were already covered, but the amendment extended the law to cover more professions.

This move was accelerated last year after the release of the Panama Papers and the Government launching the Shewan Inquiry into New Zealand’s foreign trust regime.

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