WHAT’S NEWS

What’s News in New Zealand Law

At Eagles Eagles & Redpath, we believe that every member of our community has the right to understand their legal rights and have access to legal counsel. To help you keep up to date, we will be updating this page with news and helpful links for you to explore. For more assistance, please don’t hesitate to contact our legal team in Invercargill.


New Overseas Rules

As of 22 October 2018 there are new rules that property purchasers need to be aware of under the Overseas Investment Act. New criteria means that overseas parties may not be able to automatically purchase residential properties in New Zealand. 
We strongly advise that any potential purchasers contact us before signing any Agreement for Sale and Purchase.

A helpful online tool has been prepared on the New Zealand government website at https://www.newzealandnow.govt.nz/living-in-nz/housing/buying-building which will hopefully assist you however for a detailed assessment, please contact the team at Eagles, Eagles and Redpath

Buying or Selling a home?

The Real Estate Authority has set up a website with the basic information you will need when buying or selling a house. It is a great place to start to ensure you are taking into account the right things when you are going through this process as there can be a lot to take in. Once you’ve gone through the initial stages, we agree with their recommendation that legal advice is obtained to ensure there are no particular issues which should be addressed. 

Here at Eagles Eagles & Redpath, we are committed to ensuring you are fully aware of what you need to do to be legal. We take time to stress the important things and make things as easy and straightforward for you as possible. If you’re thinking about buying or selling, make sure you give us a call for a chat about what else you need to think about.


Click to Website here! Handy Resources

New Business?

We know that starting a new business can be daunting in itself, without even considering the different legal implications. Here is a helpful website to help you get started in deciding which business structure will suit you best - https://www.business.govt.nz/choose-business-structure/

Once you’ve had a look, get in touch with the friendly team at Eagles, Eagles & Redpath to make sure you’re heading on the right track. There are other matters you might wish to consider at this time as well including setting up a trust, organising your will or reviewing your lending security.

 Whatever the legal issue is, we can help.



Why we need to ask you for information

New Zealand has passed a law called the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 ("the AML/CFT law" for short). 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. Recent changes to the AML/CFT Act mean that from 1 July 2018 lawyers must comply with its requirements. Lawyers must do a number of things to help combat money laundering and terrorist financing, and to help Police bring the criminals who do it to justice. The AML/CFT law does this because the services law firms and other professionals offer may be attractive to those involved in criminal activity. The law says that law firms and other professionals must assess the risk they may face from the actions of money launderers and people who finance terrorism and must identify potentially suspicious activity. To make that assessment, lawyers must obtain and verify information from prospective and existing clients about a range of things. This is part of what the AML/CFT law calls "customer due diligence".

CUSTOMER DUE DILIGENCE REQUIREMENTS 

Customer due diligence requires a law firm to undertake certain background checks before providing services to clients or customers. Lawyers must take reasonable steps to make sure the information they receive from clients is correct, and so they need to ask for documents that show this. We will need to obtain and verify certain information from you to meet these legal requirements. This information includes:

• your full name; and
• your date of birth; and
• your address. To confirm these details, documents such as your driver's licence or your birth certificate, and documents that show your address - such as a current bank statement - will be required.

If you are seeing us about company or trust business, we will need information about the company or trust including the people associated with it (such as directors and shareholders, trustees and beneficiaries). We may also need to ask you for further information. We will need to ask you about the nature and purpose of the proposed work you are asking us to do for you. Information confirming the source of funds for a transaction may also be necessary to meet the legal requirements.

IF YOU CANNOT PROVIDE THE REQUIRED INFORMATION 
If we are not able to obtain the required information from you, it is likely we will not be able to act for you. Because the law applies to everyone, we need to ask for the information even if you have been a client of ours for a long time.
Before we start working for you, we will let you know what information we need, and what documents you need to show us and let us photocopy.

Please contact the lawyer who will be undertaking your work, if you have any queries or concerns.

Have your questions answered. Call (03) 218 2182 today.

Share by: