Wellington, Oct 15 NZPA - A bill that boosts measures to counter money laundering by criminal gangs and organised crime was passed into law today.

Justice Minister Simon Power said the Anti-Money Laundering and Countering Financing of Terrorism Act would help tackle financial and drug-related crime by helping police detect and trace the profits of organised crime groups.

Among its provisions is a customer check and reporting regime that banks, finance companies and casinos will have to follow.

"The Act enhances our ability to investigate organised crime by following the illegal money trail through financial systems and goes hand-in-hand with the Criminal Proceeds (Recovery) Act passed in April," he said.

"The Act will also ensure that New Zealand's financial sector continues to be attractive to legitimate international investors and is not seen as a safe haven for organised criminals and tax evaders."

The legislation implements measures established by the Financial Action Task Force, the body that sets international standards for combating money laundering and terrorist financing.