New Zealand’s government is cracking down on anti-money laundering, with the aim of shutting down the financing of terrorism across Asia and targeting dodgy bank boards.
The Beehive Building – Parliament of NZ, Wellington. Photo: Shutterstock
New Zealand’s foreign minister Gerry Brownlee has said he will boost funding for anti-money laundering (AML) initiatives across the Pacific.
New Zealand’s government will be sending USD$2.6m to the Asia-Pacific Group on Money Laundering to crack down on financial crime across the Asia Pacific.
One of Gerry Brownlee's main goals is to shut down terrorism financing across Asia, which will impact the boards of banks that are involved in fishy business.
New Zealand also plans to launch more legislation within its own country that teaches company boards about AML, and to ensure they are complying with international standards.
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