Justice Minister Amy Adams says it takes longer than "five minutes'' to develop anti-money laundering legislation.

Anti-money laundering legislation has been moved up the "priority queue" in light of the Panama Papers and is expected to be in place by mid next year.

Justice Minister Amy Adams has backed up Prime Minister John Key's comments that the legislation is being "accelerated" but it will take longer than "five minutes to be developed".

"It's an extensive regime across a number of New Zealand professionals. It involves potentially setting up another reporting entity to oversee it. We'll have to go through all of that and work out exactly how it's structure, the compliance impacts and how we do the reporting framework.

JOE RAEDLE/ GETTY Debate around the Panama Papers had helped speed up work on New Zealand's anti-money laundering legislation.

"It's an extensive and complicated piece of legislation but we're proceeding at pace," she said.

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On the back of the Panama Papers the Government launched the Shewan Inquiry into New Zealand's foreign trust regime.

This was in the wake of allegations that some of the 11,000 foreign trusts registered in New Zealand had been used to launder money and hide graft.

Adams kicked off work around the legislation in the middle of last year, but a decision had been made to "prioritise that work".

Key said on Monday it was time to roll out the second phase of the legislation, which would cover real estate agents and lawyers.

"There's no question that, as a result of debate around the Panama Papers and the wider public debate globally about this issue, we're certainly trying to push part two of that through as quickly as we can."

Both Key and Adams said there had been no push-back from industries that will be affected, although Adams hadn't received any feedback from real estate agents.

"I meet with the Law Society reasonably regularly and it's something we discuss but we've never discussed any concern that they shouldn't have to face it.

"They expect to face it...there's no push-back at all."

Revenue Minister Michael Woodhouse said he rejected claims from the Green Party that there was a lack of funding in the Budget for tax enforcement.

"Inland Revenue and I have been talking about whether they have the sufficient resources deployed to ensure New Zealand tax law is complied with and I'm very satisfied they do," he said.