Money law targets organised crime

A bill that boosts measures to counter money laundering by criminal gangs and organised crime was passed into law yesterday.

Justice Minister Simon Power said the Anti-Money Laundering and Countering Financing of Terrorism Act would help to tackle financial and drug-related crime by helping police detect and trace the profits of organised crime groups. Among provisions is a customer check and reporting regime that banks, finance companies and casinos must follow.

"The act enhances our ability to investigate organised crime by following the illegal money trail through financial systems," Mr Power said, "and goes hand-in-hand with the Criminal Proceeds [Recovery] Act passed in April. It will also ensure New Zealand's financial sector ... is not seen as a safe haven for organised criminals and tax evaders."

- NZPA