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: Foodstuffs North Island Limited
1. As the Associate Minister of Justice, and pursuant to section 157 of the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009 (“Act”), I exempt Foodstuffs North Island Limited (FSNI) from the following provisions of the Act:
- sections 1–39 (customer due diligence);
- sections 48A–48C (prescribed transaction reports);
- sections 49–51 (transaction, identity verification, and other record keeping); and
- sections 56–71 (AML/CFT compliance programme, codes of practice, and cross-border transportation of cash).
2. For the avoidance of doubt, this exemption only applies in relation to the following activities:
- lending of money to members for the purchase of Foodstuffs Franchise business;
- giving guarantees in respect of a member’s borrowing from New Zealand registered banks for that purpose; and
- operating trading accounts for members.
3. This exemption is made subject to the following conditions:
- FSNI must continue to retain an in-depth knowledge of, and monitor, its members; and
- FSNI must inform the Ministry of Justice of any changes that may affect the exemption and/or conditions imposed by this written instrument within 10 working days from which the change affecting the exemption occurs.
4. The exemption has been granted for the following reasons:
- it has a limited, well known customer base for captured activities. FSNI’s captured activities are limited to its members;
- it has in-depth knowledge of its customers;
- there is a limited scope of services offered. FSNI undertakes regular reviews and robust monitoring of its members; and
- there is ongoing due diligence and monitoring. FSNI undertakes regular reviews and robust monitoring of its members.
5. This exemption comes into force on 9 March 2021.
6. This exemption will expire on 9 March 2026.
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.