If you’ve seen the film The Wolf of Wall Street, you’ll be familiar with the concept of money laundering – an illegal process where ‘dirty money’ received from criminal activities is passed through legitimate businesses and made ‘clean.’
In response to a growing number of laundering incidents in New Zealand, the government has made changes to the law, which now affect accountants and small businesses like yours. As of this month (October 2018), we’re required to put new preventative measures in place to help tackle money laundering and financing of terrorism.
What does this mean for you?
We might need to ask you for more information about your business than what we have in the past, especially if it involves large cash transactions ($10,000* or more in one transaction). You may also be asked for additional information about your identity.
If you’re a real estate agent or your business involves sports and race betting or dealing in high value goods, take note – the anti-money laundering legislation will extend to you from next year. To find out what the changes mean for your business, give us a call.
* For more information see Justice Department commentary