NZ launches effort to get back on EU “white list”
(8 June 2012 – New Zealand) A diplomatic effort has been launched to restore New Zealand to a prestigious European Union (EU) banking and corporate "white list".
The country was struck off last month for having weak money laundering and counter terrorist financing laws, the Russian Federation was also removed due to corruption.
Being struck off the white list means that banks and institutions in the EU 'will not be entitled any more to make simplified research for banks and financial institutions registered in New Zealand and Russia.'
It also means European institutions can no longer 'accept and acknowledge' customer identification and analysis' performed in New Zealand.
A spokeswoman for Foreign Minister Murray McCully said since being struck off the white list, the government had been in contact with the EU diplomats in Wellington and with EU financial authorities in Brussels.
New Zealand diplomats will deal with EU authorities and member states 'to ensure New Zealand's efforts to address any [anti-money laundering and counter terrorist financing law] deficiencies are appropriately recognised.'
New Zealand will also take up the issue at a meeting later this month in Rome of the Financial Action Task Force, an enforcement and monitoring arm of the Paris based Organisation for Economic Cooperation and Development.
'New Zealand representatives at the (meeting) will emphasise the fact that New Zealand's implementation of anti-money laundering and countering financing of terrorism legislation will come into full effect in June 2013,' the spokeswoman said.
Being struck off the white list means that banks and institutions in the EU 'will not be entitled any more to make simplified research for banks and financial institutions registered in New Zealand and Russia.'
It also means European institutions can no longer 'accept and acknowledge' customer identification and analysis' performed in New Zealand.
A spokeswoman for Foreign Minister Murray McCully said since being struck off the white list, the government had been in contact with the EU diplomats in Wellington and with EU financial authorities in Brussels.
New Zealand diplomats will deal with EU authorities and member states 'to ensure New Zealand's efforts to address any [anti-money laundering and counter terrorist financing law] deficiencies are appropriately recognised.'
New Zealand will also take up the issue at a meeting later this month in Rome of the Financial Action Task Force, an enforcement and monitoring arm of the Paris based Organisation for Economic Cooperation and Development.
'New Zealand representatives at the (meeting) will emphasise the fact that New Zealand's implementation of anti-money laundering and countering financing of terrorism legislation will come into full effect in June 2013,' the spokeswoman said.
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