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 New Zealand Racing Board (as established by the Racing Act 2003)
- 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 New Zealand Racing Board (NZRB) from the following provisions of the Act:
- Sections 10 to 71 inclusive.
- This exemption is made subject to the following condition:
- The NZRB will continue to comply with the Financial Transactions Reporting Act 1996 (FTRA) until the date NZRB are brought within the second phase of the regime, being 1 August 2019.
- This exemption has been made for the following reasons:
- A Ministerial exemption was considered the best route for exclusion from the existing regime and was granted in October 2013.
- The timeframe provided to NZRB under that Ministerial exemption has now elapsed.
- This is a transitional Ministerial exemption to ensure cohesion with the date that NZRB is brought within the second tranche of the legislation, being 1 August 2019.
- In the meantime, the NZRB will continue to comply with the FTRA.
- The provision of financial services by the NZRB will be subject to extensive accountability and transparency mechanisms.
- This exemption came into force on 7 February 2018.
- This exemption will expire on the 31 July 2019.
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.