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

Ministerial Exemption: Z Energy Property Fund Designated Business Group

1. As the Associate Minister of Justice, and pursuant to section 157 of the Act, I exempt the members of the Z Energy Property Fund Designated Business Group (Z Energy DBG) from:

1. sections 10–71 of the Act in relation to the captured activity.

2. This exemption is made subject to the following condition:

1. The Z Energy DBG must inform the Ministry of Justice of any changes that may affect the exemption within 10 working days from when the change affecting the exemption occurs.

3. This exemption has been made for the following reasons:

1. The captured activity relates to the management of a scheme that is closed, limited in nature and was generated by a one-off transaction (being the sale of the relevant partnership units) resulting in a single but ongoing business relationship.
2. The only relevant customer for AML/CFT purposes is CH Pine Pty Ltd, as trustee for the CQR CDC Trust.
3. The partnership is now effectively closed (notwithstanding that either of the limited partners may seek to contribute further funds in future, in order to fund growth and/or acquire new assets).
4. The funds provided by those investors in the partnership have been, and will continue to be, applied to long-term investments in property. Money received from those investments will come from rental and other associated income, so there is a low risk of money laundering.
5. Compliance with the requirements of the Act would impose a regulatory burden on the applicant that is disproportionate to the low risk of ML/TF presented by the captured activity.

4. In this exemption:

1. The members of the Z Energy DBG means Z Property Limited Partnership, Z General Partner Limited and Z Property Manager Limited.
2. The captured activity means the offer of units in the partnership to CH Pine Pty Ltd as trustee for the CQR CDC Trust and the ongoing management of the managed investment scheme.

5. This exemption comes into force on 11 July 2025.

6. This exemption will expire on 11 July 2030.

Any person wishing to provide comment on this notice should contact the Anti-Money Laundering and Countering Financing of Terrorism Team at the Ministry of Justice by emailing amlcft.exemptions@justice.govt.nz.