New Zealand launches gun buy-back scheme for weapons banned after Christchurch attack

New Zealand's government on Thursday launched a multimillion-dollar, six-month "buy-back" scheme to compensate owners of powerful but newly banned semi-automatic weapons prohibited in the wake of deadly attacks on two mosques in the Southern city of Christchurch.

Finance Minister Grant Robertson and Minister of Police Stuart Nash said in a joint emailed statement that NZ $208 million ($135.97 million) had been set aside to compensate owners of the banned semi-automatic firearms up to 95% of the original cost.

They would have until Dec. 20 to hand in their weapons.

"Police have detailed plans in place for the next step, which is the collection of firearms from the community. It will be a huge logistical exercise and is expected to get under way in mid-July," Nash said.