Blockchain NZ thanks the Ministry of Justice for the opportunity to submit on its Review of the AML/CFT Act consultation document. This submission is in response to sections relating to regulations and obligations of virtual asset service providers.
In response to the review, BlockchainNZ are aware of the Ministry’s aspiration to make Aotearoa New Zealand one of the hardest places for money laundering to occur. However, BlockchainNZ stress the importance of balancing this aspiration, with the importance of enabling businesses and the wider economy to grow and prosper, particularly to counter some of the negative effects which the COVID-19 pandemic has had. Accordingly, we encourage the Ministry to explore and then enable the use of technological solutions which might achieve this fine balance.
BlockchainNZ is happy to engage further with you to discuss our submission in detail and provide