7. Anti - money-laundering Measures—Legislative ReformGRANT ROBERTSON (Labour—Wellington Central) to the Minister of JusticeAnti - money-laundering Measures—Legislative Reform7. GRANT ROBERTSON (Labour—Wellington Central) to the Minister of Justice: On what date was the decision taken to delay the introduction of legislation to implement Phase Two of the Anti-Money Laundering legislation and what are the specific compliance costs" that "average mums and dads" will face as a result of the implementation of that legislation?Hon AMY ADAMS (Minister of Justice): There has been no formal decision to delay the introduction of the bill. A decision was made on 25 October to put out an exposure draft which means that the introduction is now likely to occur next year. As I told the member yesterday this has not delayed our target date for the legislation to be enacted which is by far the more relevant date. In answer to the second part of the member's question the compliance costs involved in net present value terms have been assessed as being up to $1.6 billion over 10 years.Grant Robertson: Can she confirm the official advice that she has received that of the $1.6 billion of criminal funds being laundered in New Zealand 56 percent involves the purchase of real estate and 26 percent involves the work of accountants and lawyers the three groups that are the focus of phase two of the reforms?Hon AMY ADAMS: With the information in front of me in the House no I cannot. But that could well be right. We certainly know that lawyers accountants and real estate agents are the sectors identified by the Financial Action Task Force on Money Laundering and our own financial intelligence unit as being sectors to be covered which is why we have committed to them being covered in phase two of the reforms.Grant Robertson: I seek leave of the House to table a Ministry of Justice briefing note from July 2015 entitled "Phase 2 of the Anti-money Laundering and Countering the Financing of Terrorism Reforms" which has those figures I had in my question.Mr SPEAKER: Leave is sought to table that particular document. Is there any objection? There is none.Document by leave laid on the Table of the House.Grant Robertson: Why did she reject the advice of officials in June 2015 to immediately begin policy work on implementing phase two of the reforms?Hon AMY ADAMS: Actually in July 2015 I announced that we were starting the initial scoping work of the reforms and the advice of officials actually had us on a time frame of the legislation being enacted in late 2018. We are now committed to having it in place significantly before that.Grant Robertson: Why 3 years after phase one was brought into force 2 years after the Government was warned by President Xi of corrupt money from China entering New Zealand and a year after officials asked her to begin work immediately is she still standing by allowing billions of dollars of corrupt money to come into New Zealand?Hon AMY ADAMS: Far from standing by this Government is getting on with ensuring the regime is in place as fast as possible and actually faster than officials recommended. But I reiterate that $1.6 billion of compliance costs over 10 years is significant and the fact that this Government cares about things like compliance costs and their impact on business is why we are the No. 1 country in the world for ease of doing business and a big part of the reason unemployment has now dropped to 4.9 percent.Grant Robertson: Is not the real threat to mums and dads that hundreds of millions of dollars of criminal funds are being laundered in New Zealand through the real estate market which is leading to massive house price increases and locking first-home buyers out of the housing market?Hon AMY ADAMS: The member is blithely ignoring the fact that we already have the entire financial sector which almost all real estate transactions go through covered and I think that if you asked ordinary New Zealanders whether they were worried about $1.6 billion of compliance costs landing on them they would be very concerned and they would want the Government to proceed carefully."