In accordance with section 157(6)(b) of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 ("Act"), the Minister of Justice hereby gives notice that she has granted the following exemptions from the Act.
Ministerial Exemption: Diversified Mortgage Trust No. 1 Limited
1. As the Minister of Justice, and pursuant to section 157 of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 ("Act"), I exempt Diversified Mortgage Trust No. 1 Limited ("Diversified") from
Part 2 of the Act in relation to its role as issuer of
debt securities ([REDACTED]) to the public under a debenture trust deed dated 15 May 2006.
2. This exemption is subject to the following conditions:
(a) That Diversified issue no further debt securities to the public;
(b) that all remaining assets be managed with a view to repaying all investors with surplus funds; and
(c) after the repayment of investors, Diversified undertakes to cease business.
3. This exemption has been made for the following reasons:
(a) The risk of money laundering is low;
(b) no new investment money has come in since 2006;
(c) repayments are made to investors by direct credit as realisation proceeds become available;
(d) there is no longer any ability to reinvest with Diversified or its related parties; and
(e) money is not coming in or out in a manner that would create money laundering risk.
4. This exemption comes into force on the day after the date I grant this exemption (3 December 2013).
5. This exemption will expire on 30 June 2018.
Ministerial Exemption: Praesidium Asset Management Limited
1. As the Minister of Justice, and pursuant to section 157 of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 ("Act"), I exempt Praesidium Asset Management Limited (PAML) from Part 2 of the Act in relation to its role as issuer of units in the Diversified Mortgage Trust No. 1 ("Unit Trust") and as a manager contracted by Diversified Mortgage Trust No. 1 Limited ("Diversified") to manage Diversified's loan portfolio.
2. This exemption is subject to the following conditions:
(a) That PAML issue no further units in the Unit Trust to the public;
(b) that all remaining assets of the Unit Trust and the loan portfolio be managed with a view to repaying all investors with surplus funds; and
(c) after the repayment of investors, PAML undertakes to cease business and wind up the Unit Trust.
3. This exemption has been made for the following reasons:
(a) The risk of money laundering is low;
(b) no new investment money has come in since 2006;
(c) repayments are made to investors by direct credit as realisation proceeds become available;
(d) there is no longer any ability to reinvest in the Unit Trust or the loan portfolio or its related parties; and
(e) money is not coming in or out of the Unit Trust or the loan portfolio in a manner that would create money laundering risk.
4. This exemption comes into force on the day after the date I grant this exemption (21 November 2013).
5. This exemption will expire on 30 June 2018.
Any person wishing to provide comment on these notices should contact the Criminal Law Team at the Ministry of Justice by emailing international.crime@justice.govt.nz