In accordance with section 157(6)(b) of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009, the Associate Minister of Justice hereby gives notice that he has granted the following exemption from the Act.
Ministerial exemption: Change Global Exchange Pty LTD (NZBN: 9429030469723)
- As the Associate Minister of Justice, and pursuant to section 157 of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (“Act”), I exempt Change Global Exchange (CGE) from the following provisions of this Act:
- Sections 68(b) and 70(d)(ii)
- This exemption is made subject to the following conditions:
- Change Global Exchange must provide a report of the estimate value to New Zealand Customs within 5 business days of shipping unaccompanied currency outside of New Zealand (estimate report).
- Change Global Exchange must provide a report of the total accurate amount of currency to New Zealand Customs within 5 business days from when the total amount is determined, and no later than 6 months from the estimate report being received.
- CGE must notify the Ministry if there are any changes to their business model that may affect this exemption within 14 days of the change occurring.
- The exemption has been made for the following reasons:
The risk of money laundering and financing of terrorism is low due to:
- The currency is securely transported.
- CGE is able to provide an estimate report of the currency through weighing and historical data before shipment to Brisbane.
- Without exemption, they would not have any practical means of compliance with sections 68(b) and 70(d)(ii) of the AML/CFT Act.
- A total accurate report can be provided in a timely manner.
- This exemption came into force on 7 February 2018.
- This exemption will expire on 30 November 2022.
Any person wishing to provide comment on this notice should contact the Criminal Law Team at the Ministry of Justice by emailing firstname.lastname@example.org.