The TLANZ AML & CFT Committee has published a submission on the Ministry of Justice’s AML/CFT Levy Proposals Consultation Document, responding to the Government’s plans for funding New Zealand’s AML/CFT system.
The AML & CFT Committee supports a robust, effective AML/CFT system, but maintains that the case for a new levy remains contested. While the current proposals show a positive shift toward a risk-based, tiered approach, key issues remain unresolved, how costs are split between public and private benefit, and a lack of clarity on how thresholds will work in practice.
The Committee cautions that the levy is likely to operate primarily as a compliance cost rather than a lever for changing industry behaviour and calls for a final framework that is fair, proportionate and workable across New Zealand’s diverse reporting entities.
Read the full submission here: TLANZ Submission: AML Levy Proposal Consultation
