The Financial Intelligence Unit Act 2015 was enacted by Parliament on 12 June 2015 and subsequently given royal assent by the Queen’s Representative to the Cook Islands on the 16 June 2015. The Act is to allow the FIU to continue to operate as a national, central unit to –
(a) administer and enforce certain statutes that concern financial misconduct; and
(b) conduct related inquiries, investigations, analysis and enforcement oversight; and
(c) provide enhanced powers for the FIU as an independent unit of the FSC.
The CIFIU administers the following enactments and regulations:
CIFIU conjointly enforces the following Acts:
To assist reporting institutions to address their obligations under the Financial Transactions Reporting Act 2004 (FTRA), CIFIU has released Financial Transaction Reporting Guidelines. Guidance is provided on the following matters:
• Customer due diligence;
• Record keeping;
• The reporting of cash and electronic funds transactions over the threshold amount of NZ$10,000;
• The reporting of suspicious transactions to the FIU; and
• Implementation of a compliance regime.
Institutions required to comply must have systems, policies and procedures to prevent and detect the laundering of illicit funds as required under the FTRA. These guidelines are for general information only and are neither legal advice or legal documents.