In accordance with section 154(3) of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009, the Minister of Justice hereby gives notice that, subject to approval by the Cabinet and Legislation Committee, she intends to make recommendations to the Governor-General that Regulations are made to prescribe the matters described below.
Employer-sponsored superannuation schemes
Exemptions will be provided for a certain class of
employer-sponsored superannuation schemes where the
risk of money laundering or the financing of terrorism occurring is very low.
The class of employer-sponsored superannuation schemes eligible for exemption will be based on the class identified in the Securities Act (Employer Superannuation Schemes) Exemption Notice 2004.
Subsidiary companies of excluded persons and other services
Regulation 20 of the Anti-Money Laundering and Countering Financing of Terrorism (Definitions) Regulations 2011 will be expanded by way of clarification to include subsidiary companies that carry on the ordinary business of an excluded person.
Regulation 20 will also be expanded to exempt executors, administrators, or trustees in respect of services provided in the administration of an estate or a trustee, or in respect of services provided to beneficiaries of a family trust.
Any person wishing to provide comment on these proposals should contact:
Ben Wakely
Criminal Law Team
Ministry of Justice
DX SX10088
Wellington.
Telephone: (04) 918 8584.
Email: ben.wakely@justice.govt.nz