New Zealand

The new legislation takes in sectors that were previously exempt. Both Australia and New Zealand have previously passed laws requiring banks and non-bank financial institutions, including casinos, to comply with laws intended to counter money laundering and the financing of terrorism.

SkyCity Entertainment Group posted a 4 percent decline in revenue for the three months ended March 31.

New laws widening the scope of current legislation on money laundering and the financing of terrorist activity are currently before the New Zealand Parliament and similar moves are expected in Australia.

 

New laws widening the scope of current legislation on money laundering and the financing of terrorist activity are currently before the New Zealand Parliament and similar moves are expected in Australia. The expanded legislation will bring in sports betting and wagering for the first time and will include significant extra costs for industry.

 



This content is for members only. To continue reading

Join Now

New Zealand is amending its Racing Act to introduce charges for offshore betting operators amidst concern the local racing industry is losing out.

SkyCity Entertainment Group, New Zealand’s only listed casino operator, is seeing growth in its domestic operations, although its international business has been hit by a drop in VIP traffic.

New Zealand has introduced new anti-money laundering legislation, which has now been extended to cover sports and racing betting, lawyers, conveyancers, accountants and real estate agents.

NZ-listed SkyCity Entertainment Group has announced the appointment of Stewart Neish as its president of international business.

Gamblers in New Zealand spent a total of NZ$2.2 billion (US$1.6 billion) in FY 2015/16, an increase of 5.6 percent, or NZ$118 million, according to the latest government data.

SkyCity Entertainment Group recorded a near 40 percent drop in its international business segment but still managed an 18 percent increase in profit for the half-year ended Dec. 31, 2016.

A sharp rise in pokies spending in New Zealand has prompted calls for an investigation into whether there is a link to money laundering.

Pages