The Committee was formed in November 2021 in response to the statutory review of the AML/CFT Act and prepared an extensive submission on the review to the Ministry of Justice in December 2021.
The Committee attended the workshops on the AML/CFT statutory review hosted by the Ministry of Justice in April 2022, represented the view of law practitioners.
The Committee further secured a private sector meeting with the AML/CFT statutory review project leader at the Ministry of Justice. At the meeting the Committee advocated heavily and independently in the interest of lawyers, raising the policy team’s attention to the day-to-day challenges faced by lawyers and law firms in complying with the AML/CFT regime, and promote a number of practical solutions that will make the life of lawyers easier, while still meeting the objectives of AML/CFT. The Committee was able to achieve so without the constraints of any regulatory duty/role.
While awaiting for the AML/CFT statutory review report to the Minister to be released publicly, the Committee will transition into an ongoing subject matter specialist committee in the second half of 2022, keeping a watching brief on AML/CFT matters of interest, promoting better understanding of the AML/CFT regime and supporting collegiality amongst practitioners specialising in the AML practice area.
Interested to join?
The Committee invites lawyers of all levels practising in the area of AML/CFT (whether as a specialised subject area or requiring a working knowledge as a result of specialisation in other areas such as property, trusts, banking and finance) to join the Committee. Please contact Committee.Secretary@thelawassociation.nz
The Committee meets over lunch once a month in-person in Auckland for an hour on the third Thursday of each month at 1pm. Out-of-town members may join the meeting online.
Committee members are expected to contribute in:
- Drafting of submissions and/or letters;
- Representing the Committee at stakeholders meetings;
- Writing articles, or being interviewed, for LawNews; and/or
- Assisting The Law Association CPD.