Oct 10, 2008

Why Has New Zealand Been So Slow To Pass Money Laundering Legislation?

Why is this important? This from Denise McNabb writing for The Independent

New Zealand risks becoming a financial pariah if it doesn't legislate to combat money laundering and terrorism. That is the view of Chapman Tripp law firm principal Gary Hughes in a report just released, which warns of "serious domestic issues" in New Zealand's banking system.
While it was unlikely al-Qaeda was lurking in the system, he said big money was being made from methamphetamine dealing and it was being recycled somewhere.
It would be a political disaster if the new money-laundering act was not at least introduced to Parliament by the time the Organisation for Economic Co-operation and Development's Financial Action Task Force (FATF) visits to check compliance next April.

Well if it is this important why have we been so slow?? And why was our Foreign Minister not pushing for rapid introduction of this legislation???????