In accordance with section 159(3) of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 ("AML/CFT Act"), the Minister of Justice hereby gives notice that she has granted the following exemptions from the AML/CFT Act:
Ministerial Exemption: Listed Companies Providing Services in the Course of a Non-finance Business
1. As the Minister of Justice and pursuant to section 157 of the AML/CFT Act, I exempt the listed companies from all provisions of the AML/CFT Act where a listed company carries out a relevant service in respect of a share purchase scheme or an employee share purchase scheme in the ordinary course of a non-finance business.
2. This exemption is made subject to the following criteria:
(a) employee share purchase scheme means a scheme established by a listed company under which employees of the listed company may acquire specified equity securities issued by the listed company:
(i) where the purchase of those specified equity securities is funded by way of deductions from employees wages or salaries.
(b) listed company means:
(i) a company that is party to a listing agreement with NZX Limited; or
(ii) NZX Limited.
(c) non-finance business means a business the principal activity of which is the provision of goods or services that are not relevant services.
(d) relevant service means services provided by the financial institution in the course of carrying out
a financial activity.
(e) share purchase scheme means a scheme established by a listed company under which existing shareholders in that listed company may acquire specified equity securities issued by the listed company:
(i) through the purchase of specified equity securities in the listed company; and
(ii) where the purchase of those specified equity securities is not funded by means of cash payments from shareholders.
(f) specified equity security means a share in a listed company, or any interest in or right to a share in
a listed company, that is offered under the listed company's employee share purchase scheme, or share purchase scheme.
3. This exemption will come into force on 30 June 2013.
4. This exemption will expire on 30 June 2018.
Ministerial Exemption: The Board of Trustees of the National Provident Fund
1. As the Minister of Justice, and pursuant to section 157
of the AML/CFT Act, I partially exempt the Board of Trustees of the National Provident Fund ("Board") from Part 2 of the AML/CFT Act in respect of its activities relating to the Global Asset Trust ("GAT") and the superannuation schemes set out below that make up
the National Provident Fund.
2. In Part 2, the following sections are to remain in force:
(a) section 56 subsections (2) and (4);
(b) section 58;
(c) section 59 subsection (1); and
(d) section 60 in relation to annual reporting on compliance with conditions of this Ministerial exemption.
3. The relevant superannuation schemes ("Schemes") are as follows:
(a) Aircrew Superannuation Scheme;
(b) Annual Single Premium Scheme;
(c) DBP Annuitants Scheme;
(d) DBP Contributors Scheme;
(e) Level Premium Scheme;
(f) National Provident Lump Sum National Scheme;
(g) Employer Subsidised National Provident Fund National Superannuation Scheme for the Meat Industry;
(h) National Provident Pension Scheme;
(i) National Provident Pension National Scheme;
(j) National Provident Lump Sum Cash Accumulation Scheme ("Lump Sum Cash Accumulation Scheme"); and
(k) National Provident Pension Cash Accumulation Scheme ("Pension Cash Accumulation Scheme").
4. This exemption is subject to the following conditions:
(a) The Board is required to prepare a risk assessment in line with the requirements of section 58 of the AML/CFT Act.
(b) The Board is required to review its risk assessment referred to in paragraph 4(a) regularly in accordance with section 59(1).
(c) If, following any review of its risk assessment
as outlined in paragraph 4.2, the Board considers
that it faces a materially greater money laundering/terrorism financing risk, the Board is required to notify the Ministry of Justice and the Financial Markets Authority and undertakes to work with those bodies to agree how to manage that risk.
(d) The Board is required to appoint an Anti-Money Laundering and Countering Financing of Terrorism compliance officer to oversee the Board's compliance with the conditions of this exemption.
(e) The Board continues its current procedures in relation to significant voluntary contributions to those Schemes, being to enquire into the source of the funds used to make those significant voluntary contributions.
(f) The Board is also required to prepare an annual report on the Board's compliance with the conditions of this Ministerial exemption.
(g) The exemption provided in paragraph 1, above,
to the extent it relates to the Lump Sum
Cash Accumulation Scheme and the Pension Cash Accumulation Scheme, is subject to the further condition that the Board conducts customer due diligence and identity verification on all members of those schemes, as set out in sections 14 to 17 of the AML/CFT Act, at the time of the first payment after commencement of the AML/CFT Act of a benefit under those Schemes to a member.
5. This exemption will come into force on 30 June 2013.
6. This exemption will expire on 30 June 2018.
Ministerial Exemption: Women in Enterprise Inc.
1. As the Minister of Justice, pursuant to section 157 of the AML/CFT Act, I exempt Women in Enterprise Inc. from all provisions of the AML/CFT Act, in respect of the class of transactions if offers through its financial service Angel Fund - Wahine Putea Project.
2. This exemption is not subject to any conditions.
3. This exemption will come into force on 30 June 2013.
4. This exemption will expire on 30 June 2018.
Ministerial Exemption: Abide Finance Limited
1. As the Minister of Justice, pursuant to section 157 of the AML/CFT Act, I exempt Abide Finance Limited from all of the provisions of the AML/CFT Act.
2. This exemption is not subject to any conditions.
3. This exemption will come into force on 30 June 2013.
4. This exemption will expire on 30 June 2015.
Any person wishing to provide comment on these exemptions should contact:
Ben Wakely
Criminal Law Team
Ministry of Justice
DX SX10088
Wellington.
Telephone: (04) 918 8584.
Email: ben.wakely@justice.govt.nz