In accordance with section 157(6)(b) of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (“Act”), the Associate Minister of Justice hereby gives notice that he has granted the following exemption from the Act:

Ministerial Exemption: The Kingdom Resources Trust

1. In my capacity as the Associate Minister of Justice, and pursuant to section 157 of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009, I exempt The Kingdom Resources Trust (KRT) from all the provisions of the Act.
2. This exemption is made subject to the following conditions:
   1. KRT must inform the Ministry of Justice of any changes that may affect the exemption and/or conditions imposed by this written instrument within 14 days from when the change affecting the exemption occurs.
   2. This exemption only applies to the following financial activities offered by The Kingdom Resources Trust:
      1. ‘Budgeting Services’, meaning:
         1. interest-free-loans;
         2. receiving public deposits as savings; and
         3. money management services.
3. For the avoidance of doubt, the repayment of funds to historical investors and lenders is not covered by this exemption.
4. This exemption has been made for the following reasons:
   1. KRT limits its lending to individuals that are in financial strife. Lending is only provided to those who have engaged with a budget advisor and are committed to paying off the loan.
   2. Loans are paid directly to a client’s creditor(s) based on invoice and statement evidence. The client does not have access to the funds to spend as they wish.
   3. Loan limits and funds deposited are of a low value. Transactions are carried out domestically and face-to-face.
5. This exemption comes into force on the day after the date I grant this exemption.
6. This exemption will expire on 30 June 2020.

Any person wishing to provide comment on this notice should contact the Criminal Law Team at the Ministry of Justice by emailing international.crime@justice.govt.nz.