Latest news with #anti-money laundering
RNZ News
3 days ago
- Business
- RNZ News
Critics frustrated at money laundering law burden
Are anti-money laundering laws leaving too much of the crime-fighting burden on small and medium businesses? The laws require any business providing financial or legal services to detect and deter illegal behaviour through due diligence procedures, like identity verification, when taking on a new client. The Government recently relaxed identity verification requirements on banks when someone is opening a bank account and is planning further changes to the Anti-Money Laundering and Countering Financing of Terrorism law. But compliance expert Uddhav Kirtikar says the law is fine as it is, and it's a case of supervisors inside the Department of Internal Affairs adding layers of compliance that go above the law. Aro Advisers' Dave Saunders has had similar frustrations and says the added compliance adds cost and uncertainty to the businesses. To embed this content on your own webpage, cut and paste the following: See terms of use.
Bloomberg
15-07-2025
- Business
- Bloomberg
Panama Foreign Minister: China Has 'Zero Influence' on Panama Canal
Now that Panama has been removed from the EU's list of high-risk jurisdictions with strategic deficiencies in their national anti-money laundering and counter-terrorism financing regimes, the country is looking forward to working more closely with the bloc says Javier Martínez-Acha Vásquez, Panama's Foreign Minister. The country is also working on strengthening ties with the US, as it insists that China has no influence whatsoever over control of the Panama Canal. Martínez-Acha Vásquez spoke to Joumanna Bercetche on 'Bloomberg: The Pulse'. (Source: Bloomberg)
