Barclay Todd: Third Readings —Text is incorporated into the Bound VolumeBarclay Todd: Third Readings —[Sitting date: 04 November 2015. Volume:709;Page:7720. Text is incorporated into the Bound Volume.]TODD BARCLAY (National—Clutha-Southland): It is a privilege to be able to speak on the third reading of the legislation arising from the Organised Crime and Anti-corruption Legislation Bill. I just want to touch briefly on the comments made by the previous speaker Kelvin Davis about the Hon Judith Collins. I would like to make one short remark before moving on to the contents of the legislation. It was quite short-sighted of that member to be making remarks about a former senior Cabinet Minister in this Government when half of those people making judgments of Judith Collins have not been in Cabinet themselves and probably will not for quite some time. It would be of quite some concern to the New Zealand public if they ever did make it into Cabinet. I think she has done a fantastic job as the Minister of Justice over the last 3 years and this piece of legislation is actually in large part her doing. It has been ably taken over by the Hon Amy Adams who is doing a fantastic job as well. I think that to make those personal remarks says more about that member’s integrity than it does about Mrs Collins’ contributions to this Government and this country.I just wanted to touch on a number of points about this legislation. The first was around requiring banks to report all international wire transfers over $1000 and the more physical cash transfers over $10000. I just want to acknowledge the banks and the Bankers’ Association which played a pivotal role in the facilitation of this legislation through the select committee process given their expertise both here and in Australia to develop more detail around this. I just want to acknowledge that. The changes that we are requiring to adhere to international standards for these organisations to implement within their business will come at a significant cost and their proactivity and cooperation in the development of the detail of this legislation was greatly appreciated by the Law and Order Committee.On that note a few people have raised whether or not the threshold set at $1000 for reporting international transfers is the right level—whether or not it is too low. The reason for it sitting at $1000 is that it is us keeping in line with our international obligations which were imposed by the Financial Action Task Force on Money Laundering which basically was an international standards-setting body that was set up to combat money-laundering and terrorist financing. The countries are required to ensure that the information about the originator and beneficiary of wire transfers is immediately available. The threshold that they recommended and set was for US dollars or euros of $1000 and for simplicity reasons New Zealand decided to adopt that as well.Just closing off on that remark I then want to offer my support for the legislation and all of the submitters who took the time to come in and spent a lot of time talking us through the individual implications that these changes will have on them and their cooperation going forward. Thank you.