National strategy launched to cut AML red tape and crack down on criminals

Associate Justice Minister Nicole McKee has today released New Zealand's new Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) National Strategy.

"The Strategy for 2026-2030 sets out a four-year work programme to make it easier for honest New Zealanders and businesses to get ahead, while making it harder for criminals to hide and profit," says Mrs McKee.

"Developed in consultation with industry, the Strategy provides clear direction and certainty - setting out the Government's priorities and objectives so the AML/CFT system can plan ahead with confidence."

"AML/CFT rules have drifted into expensive box-ticking. That creates delays, frustration, and compliance costs that get passed on to consumers. My reform programme is focused on fixing that.

"The new AML/CFT system will be truly risk-based, to cut unnecessary red tape for low-risk customers and transactions, while sharpening enforcement where it matters most.

"We want banks, real estate agents, lawyers and other reporting businesses focused on genuine risk - not chasing low-risk paperwork that does nothing to stop organised crime.

"That means fewer unnecessary hurdles for New Zealanders - like parents opening accounts for their children, or New Zealanders simply trying to complete basic transactions.

"It also means a stronger system that better detects, deters and disrupts serious crime - including fraud, drug crime and offshore criminal proceeds.

"To make compliance clearer and more consistent, the Strategy confirms the move to a single AML/CFT supervisor - with the Department of Internal Affairs taking over supervision from 1 July this year.

"Businesses have told me they want clarity and consistency. A single supervisor means less confusion, better guidance, and a system that supports compliance.

"The Strategy sets out a clear vision for all participants and will help deliver the most significant regulatory relief since the AML/CFT regime began in 2013.

"This builds on the work already delivered by this Government, including simplifying customer verification to end years of frustration for both businesses and customers."

Notes to editor:

• View the Government's AML/CFT National Strategy 2026-2030
• For more information on AML/CFT, visit the Ministry of Justice website.