Early this month, New Zealand’s parliament passed a bill designed to combat money laundering, bribery, identity theft and drug-related crime. According to Justice Minister Amy Adams, the Organised Crime and Anti-Corruption Legislation Bill will protect the New Zealand economy by allowing police to share information with their international counterparts, increasing private sector bribery and corruption penalties and bolstering foreign bribery enforcement. Pursuant to the new bill, banks must report to police all international wire transfers over US $666 (NZD 1,000) and all cash transactions of US $6,656 (NZD 10,000) or more. Passage of the bill was not without controversy; the New Zealand bill permits facilitation payments to foreign officials under certain circumstances, which Labour and Green party critics likened to bribery.

See more information at the Business Standard and Radio New Zealand News.