Rurawhe Adrian: Organised Crime and Anti-corruption Legislation Bill — In CommitteeText is incorporated into the Bound VolumeRurawhe Adrian: Organised Crime and Anti-corruption Legislation Bill — In Committee[Sitting date: 21 October 2015. Volume:709;Page:7419. Text is incorporated into the Bound Volume.]ADRIAN RURAWHE (Labour—Te Tai Hauāuru): Tēnā koe Mr Chair. Tēnā koe e te Heamana o te Komiti o te Whare o ngā Māngai nei nō reira tēnā koe.[So acknowledgments to you Mr Chairman of the Committee of the House of Representatives here; greetings.]I would like to just take a short call on this bill. I was not on the Law and Order Committee but I did take the opportunity to read some of the submissions. I think that in this particular bill it is fundamental to this bill that we have a very strong banking sector so I took particular note of the submissions from the BNZ and then the New Zealand Bankers’ Association. I think that in talking about money-laundering and the processes of banking as I said it is critically important that we do have a strong banking sector. In BNZ’s submission what it is saying is that in determining issues around transfers of money it is important that the systems of the Government align with its systems so that it can maximise and be able to ensure that it picks up everything that it is meant to pick up. It talks about the use of its SWIFT system and so I think it is important for the Committee to recognise and acknowledge the submissions from the banks.The other part I wanted to talk about is that when we are talking about money-laundering money-laundering in itself is of course an offence but they are proceeds from another criminal offence as well otherwise there would be no need to actually launder the money. Actually we are talking about two things that are happening here so I just wanted to also acknowledge that this bill takes care of one part and partially takes care of where those funds actually come from because with this being an omnibus bill there are several parts that this bill is actually part of.I think my colleague mentioned earlier that her device was not working. Mine is and I just wanted to quote from one of the submissions. As I mentioned earlier the international banking system uses a service known as SWIFT to make international wire transfers. This involves passing authenticated messages to settle payments from one financial institution to another. The SWIFT system uses standard codes—I am going to jump right through because it is quite long—and the definition of wire transfer in section 5 of the Act deems transfer and settlements between financial institutions acting on their own behalf not to be wire transfers. These types of transfers are made using SWIFT and it should be made clear that these are not reportable—that last bit was the key message that I wanted to really make in this. So from what I am reading it is that it is that last bit about it not being reportable—The CHAIRPERSON (Lindsay Tisch): Sorry to interrupt the honourable member. The time has come for me to leave the Chair for the dinner break.Sitting suspended from 6 p.m. to 7.30 p.m.ADRIAN RURAWHE: I quoted BNZ before the dinner break and I just want to quote Westpac as well and pose a question to the Minister: how does the proposed legislation support what the banks are saying? “Westpac estimates that it will be required to report at least 2000 transactions per day under the legislation.” and it goes on to say: “To identify and electronically report this volume of transactions Westpac will be required to develop new IT systems and business processes.” So that was the question that I wanted to ask relevant to this piece of legislation.Westpac also goes on to say that the legislation—[Bell rung] I have one last thing. Westpac goes on to say that the legislation must allow sufficient time for this to be done and so I would like to ask the Minister that as well. That is all of my contribution. Thank you.