Update on prohibited cash transactions.
From 11 May 2023, a prohibition under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act), will prohibit cash transactions for specified high value goods. This means that any person who is in trade/ business that buys or sells any of the below high value goods cannot do so by way of a cash transaction of $10,000NZD or more. This also includes a series of related cash transactions, such as over multiple days and laybuy.
These high value goods include:
- Jewellery
- Watches
- Gold, silver, or other precious metals
- Diamonds, sapphires, or other precious stones
- Motor vehicles
- Boats/ships
There are civil and criminal penalties if you do not comply with this prohibition. The Department of Internal Affairs has released guidance which can be found here.