Nicole McKee calls this the most significant regulatory relief since 2013
Nicole McKee, associate justice minister, has released New Zealand’s new anti-money laundering and countering financing of terrorism (AML/CFT) national strategy for 2026–30, which provides the government’s priorities and objectives in this area.
“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,” she said in a news release from the government.
Pursuant to the four-year strategy, McKee confirmed the shift to a single AML/CFT supervisor, with the Department of Internal Affairs assuming supervision as of 1 July 2026. This change intends to lessen confusion and improve clarity, consistency, and compliance.
She noted that the national strategy aims to:
“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,” McKee said.
In a news release, the Ministry of Justice said the national strategy seeks to:
The justice ministry added that the following will help support the government’s new approach: more comprehensive and responsive guidance for businesses, an updated code of practice, and improved intelligence and enforcement.
“AML/CFT rules have drifted into expensive box-ticking,” McKee said in the government’s news release. “That creates delays, frustration, and compliance costs that get passed on to consumers.”
She explained that the national strategy aims to address these issues.
McKee noted that the development of the national strategy reflected insights from the government’s consultation with industry.
“This builds on the work already delivered by this Government, including simplifying customer verification to end years of frustration for both businesses and customers,” McKee said in the news release.
