BCCG lodges submission on Anti-Money Laundering and Counter Financing of Terrorism Act
BCCG in conjunction with a number of its member BC Managers, a number of law firms and Strata Community Association (NZ) have each lodged objections with the Ministry of Justice to a proposed change to an existing Class Exemption under Anti-Money Laundering and Countering Financing of Terrorism legislation.
The current exemption has, since October 2013, provided exemption for Bodies Corporate and their Management Companies from compliance with that legislation. The change proposed by MoJ would add a definition of commercial body corporate manager and such organisations would be excluded from a renewed exemption from June 2018.
BCCG has objected to the proposed change on the basis that it will add further complexity and costs to the management of BC.