In accordance with section 56(2) of the Financial Transactions Reporting Act 1996 ("the Act"), the Minister of Justice hereby gives notice that he intends to make a recommendation to the Governor-General that, pursuant to section 56(1)(b), Regulations are made to replace the Financial Transactions Reporting (Prescribed Amount) Regulations 1996.
The new Regulations will re-enact, unchanged, the prescribed amount for the purposes of Part 2 of the Financial Transaction Reporting Act 1996 by the Financial Transactions Reporting (Prescribed Amount) Regulations 1996, but prescribe no amount for Part 5 of the Act. This is because on 16 October 2010, Part 5 of the Act will be repealed by section 163
of the Anti-Money Laundering and Countering Financing
of Terrorism Act 2009.
The recommendation is that the prescribed amount remains NZ$9,999.99.
A draft of the proposed Regulations is available for inspection.
Any person wishing to inspect the draft Regulations or provide comment on this recommendation should contact
Leeanne McAviney
International Criminal Law Team
Ministry of Justice
SX10088
Wellington.
Telephone: (04) 498 4285.
Email: leeanne.mcaviney@justice.govt.nz
HON SIMON POWER, Minister of Justice.