Articles tagged with Regulatory Reform
New Zealand's AML/CFT 2026-2030 Strategy: Cutting Red Tape, Boosting Enforcement
6 days ago | 117 viewsAssociate Justice Minister Nicole McKee has released New Zealand’s Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) National Strategy for 2026–2030, aiming to streamline compliance and strengthen enforcement against serious crime. The strategy emphasizes a risk-based approach to reduce unnecessary paperwork for low-risk transactions while enhancing focus on genuine risks, supported by a single AML/CFT supervisor under the Department of Internal Affairs from July 2024. This reform seeks to provide clearer guidance, reduce compliance costs, and deliver significant regulatory relief, building on previous efforts to simplify customer verification and improve the AML/CFT system.
Tags: Nicole McKee New Zealand Countering Financing of Terrorism Department of Internal Affairs Ministry of Justice regulatory reform financial crime national strategyCutting Red Tape in New Zealand Yields $223M-$337M Economic Benefits
2 months ago | 359 viewsMinister for Regulation David Seymour highlights that cutting red tape in New Zealand has generated significant economic benefits, with a return of $11–$17 for every dollar spent, totaling an estimated net public benefit of $223 million to $337 million over 10 years. Examples include lifting bans on medical conferences and revoking unnecessary sector-specific regulations, which have already brought millions in benefits and promise ongoing savings across various industries. The government aims to continue reducing unnecessary regulations to boost productivity, economic growth, and public value through practical reforms and improved regulatory standards.
Tags: David Seymour Ministry for Regulation New Zealand red tape medical conferences Hairdressing and Barbering Sector Review economic benefits regulatory reform early childhood education MotuNZ Banks Gain Freedom to Share Fraud Data, Cutting Red Tape and Boosting Security
3 months ago | 324 viewsAssociate Justice Minister Nicole McKee has introduced a ministerial exemption to the AML/CFT Act 2009, allowing banks to share anti-money laundering information to better prevent fraud and scams. This reduction in red tape enables banks to act faster and collaborate more effectively to freeze scam transfers before funds are lost overseas. The government aims to create more agile regulatory settings by freeing businesses from excessive compliance burdens while targeting actual financial criminals through wider AML/CFT reforms.
Tags: Nicole McKee Associate Justice Minister New Zealand fraud prevention scams banks regulatory reform financial crimeNew Regulations Speed Up Building Inspection Wait Times, Boosting Efficiency and Cutting Costs
6 months ago | 680 viewsNew regulations mandate Building Consent Authorities to complete 80% of building inspections within three working days of the date requested by the building owner, aiming to reduce delays and costs in construction projects. The Ministry of Business, Innovation and Employment will publish quarterly wait time data for every council to improve transparency and performance. Additional reforms include a self-certification scheme for reputable building companies and homeowners being able to build a granny flat without consent, all aimed at streamlining processes and holding accountable those responsible for substandard work.
Tags: Chris Penk Building and Construction Minister Building inspections Building Consent Authorities MBIE Wait times Building projects Regulatory reforms Building companies Councils