6. Other Relevant Matters

A. Anti-money Laundering (aml) Rules

Another statute relevant to the operation of trustee companies (or trustees generally) in New Zealand is the Financial Transactions Reporting Act 1996 (FTRA), which is described as ‘an act to facilitate the prevention, detection, investigation, and prosecution of money laundering, and the enforcement of the Terrorism Suppression Act 2002 and the Criminal Proceeds (Recovery) Act 2009‘. Consideration also needs to be given to the Mutual Assistance in Criminal Matters Act 1992, which addresses the provision and obtaining of international assistance in relation to criminal matters.

The essence of the FTRA is that financial institutions, which can include trustees, must positively and properly establish the true identity of clients, and those institutions must also report to the appropriate authorities any suspicious transactions.

A much more detailed and prescriptive set of AML rules will apply when the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 comes into full effect.

B. Status Of De Facto Relationships

The Relationships (Statutory References) Act 2005 was enacted to give de-facto partners (including those in same-sex relationships) the same standing as married couples and couples who have registered a civil union under the Civil Union Act 2004. This Act is intended to ensure that de-facto partners are treated identically to married couples and civil union partners across the entire statutory spectrum. In particular, this is relevant in the context of tax legislation, which often provides a concessional tax treatment with respect to asset movements between spouses.


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