New Zealand has passed a law called the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. The purpose of the law reflects New Zealand's commitment to the international initiative to counter the impact that criminal activity has on people and economies within the global community. From 1 July 2018 lawyers must comply with the recent changes to the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 whereby law firms are required to undertake certain background checks before providing services to their clients.
Commonly mistaken as an Enduring Power of Attorney, a Power of Attorney is a document that gives another person, an Attorney, the authority to act on your behalf in certain circumstances. Generally, a Power of Attorney will only apply while someone is out of the country or physically incapacitated. Enduring Powers of Attorney give an Attorney the authority to manage your property, and personal care and welfare matters, but is not revoked if you lose your mental capacity.
The Bright Line Test has recently been extended to five years. If you purchased a residential property on or after 29 March 2018 and it is sold within five years, you may be taxed on any profits made on the sale.
The current Trustee Act 1956 is silent as to whether beneficiaries are entitled to disclosure of particular trust information and documents. When the law is not clear, the Courts determine what would have been intended by Parliament when passing that particular law. This is exactly what has happened in the recent Supreme Court case Erceg v Erceg  NZSC 28.
In this article Carl, a Law Clerk in our Commercial Team, addresses the changes brought by the Commerce (Cartels and Other Matters) Amendment Act 2017 to New Zealand’s anti-cartel framework and the effect these changes might have on certain kinds of business arrangements.