Most Read Contributor in New Zealand, September 2016
The Organised Crime and Anti-corruption Legislation Bill
has been split into 15 amendment Acts and passed. They will bring
New Zealand into line with international conventions.
Most of the Acts are already in effect. The exceptions
are the Anti-Money Laundering and Countering Financing of Terrorism
Amendment Act, which does not come into force until July 2017, and
minor changes relating to criminal law.
Chapman Tripp's commentary on the Bill as introduced
here. We outline below, the key changes since
Foreign bribery offences
Bribing a foreign official can now attract a fine of $5 million
or three times the value of any commercial gain incurred, whichever
is the greater. For individuals it may also result in a prison
sentence, not exceeding seven years.
Changes to the anti-money laundering provisions in the
The dual criminality requirement for money laundering offences
committed outside New Zealand has been removed where New Zealand
has jurisdiction over the primary offence that gives rise to the
Allows regulations to exempt entities from reporting
requirements for international wire transfers.
Imposes civil liability on a failure to report an international
wire of an amount greater than $1,000 or a domestic physical cash
transfer greater than $10,000.
Chapman Tripp comments
The changes to our bribery and corruption framework are
significant for business. In particular, companies:
must keep a record of facilitation payments together with other
corporate records, and
are now clearly liable for offences committed by officers and
employees unless they can show they took "reasonable
steps" to prevent the activity.
Chapman Tripp has asked the Serious Fraud Office and the
Ministry of Justice what constitutes "reasonable steps"
but thus far they have declined to provide any guidance.
Accordingly, we await a Court decision on this issue.
The information in this article is for informative purposes
only and should not be relied on as legal advice. Please contact
Chapman Tripp for advice tailored to your situation.
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