3678 NEW ZEALAND GAZETTE, No. 131 26 SEPTEMBER 2013

4. This exemption comes into force on the day after the date I grant this exemption (granted 8 September 2013).

5. This exemption will expire on 30 June 2018.

Ministerial Exemption: GE Group

1. As the Minister of Justice and pursuant to section 157 of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 ("the Act"), I exempt the following reporting entities (together referred to as "GE Group") from paragraph (d)(i) of the definition of "designated business group" in the Act:

   (a) Custom Fleet NZ;
   (b) GE Finance and Insurance;
   (c) GE Commercial Finance NZ; and
   (d) GE Commercial Finance (USD) New Zealand.

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

   (a) GE Group is required to otherwise satisfy all other requirements of the definition of a "designated business group";
   (b) all the reporting entities which comprise the GE Group continue at all times to share the same common ownership and control; and
   (c) all other provisions of the Act apply.

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

   (a) There are low risks of money laundering and terrorist financing associated with this specific exemption.
   (b) The exemption is a technical exemption.
   (c) All other provisions of the Act apply.
   (d) The GE Group understands the requirements of the Act and is reviewing its current programme to ensure that it complies in time for the Act’s inception.
   (e) The burden of compliance costs on GE Group if the exemption was not granted would be unintended and significant.

4. This exemption comes into force on the day after the date I grant this exemption (granted 8 September 2013).

5. This exemption will expire on 30 June 2018, and/or if the conditions of the exemption are breached.

Ministerial Exemption: New Zealand Harbours Superannuation Plan

1. In my capacity as the Minister of Justice and pursuant to section 157 of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 ("the Act"), I partially exempt:

   (a) the Trustees of the New Zealand Harbours Superannuation Plan ("the Plan"); and
   (b) the Rail and Maritime Transport Union ("the Union") as the principal promoter of the Plan and those members of the National Management Committee of the Union who are not Trustees and are therefore also promoters ("the Promoters")

from the provisions of Part 2 of the Act in relation to services provided in respect of the Plan. In order to provide consistency and eliminate risks of money-laundering, the specific provisions referred to below in paragraph 2 will still remain in force in relation to transfers to the Plan from international sources.

2. This exemption is subject to the following conditions:

   (a) The Trustees are required to remove any mechanisms contained in the Trust Deed for the New Zealand Harbours Superannuation Scheme that enable members to contribute to the Scheme voluntarily other than through payroll.
   (b) The Trustees are required to introduce a cap on voluntary contributions made (other than those made through payroll) to the New Zealand Harbours KiwiSaver Scheme. The cap should be set at the amount required to enable a member to maximise those government contributions set out in section MK 4 of the Income Tax Act 2007.
   (c) With the exception of Australian superannuation transfers to the New Zealand Harbours KiwiSaver Scheme, Customer Due Diligence in accordance with sections 10-36 of the Act and suspicious transaction reports in accordance with sections 40-48 of the Act are required on all transfers to the Plan from international sources.

3. The exemption has been granted for the following reasons:

   (a) The Trustees' and the Promoters' only duties as reporting entities under the Act are in respect of the Plan;
   (b) the Plan poses a very low risk of money laundering or terrorism financing;
   (c) any risks posed by voluntary contributions outside of payroll have been covered off by conditions;
   (d) due to the very low money laundering and terrorism financing risks raised by the Plan and the significant compliance costs that would arise from not granting this exemption, I consider that any benefits of requiring compliance with the Act are not justified given the associated costs; and
   (e) this exemption is consistent with (and has no effect on the purpose or intent of) the Act, the Financial Transactions Reporting Act 1996 and New Zealand's international obligations as a member of the Financial Action Taskforce and the Asia Pacific Group on Money Laundering.

4. This exemption comes into force on the day after the date I grant this exemption (granted 8 September 2013).

5. This exemption will expire on 30 June 2018.

Ministerial Exemption: Seafarers Retirement Schemes

1. In my capacity as the Minister of Justice and pursuant to section 157 of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 ("the Act"), I partially exempt the Trustees of:

   (a) the Seafarers Retirement Fund ("the SRF"); and
   (b) the Seafarers Retirement Fund KiwiSaver Scheme ("the SRFKS");

   together referred to as ("the Schemes") from the provisions of Part 2 of the Act in relation to services provided in respect of the Schemes. In order to provide consistency and eliminate risks of money-laundering, the specific provisions referred to below in paragraph 2 will still remain in force in relation to transfers to the Schemes from international sources.

2. This exemption is subject to the following conditions:

   (a) The Trustees are required to remove any mechanisms contained in the Trust Deed for the SRF that enable members to contribute to the SRF voluntarily other than through payroll.
   (b) The Trustees are required to introduce a cap on voluntary contributions made (other than those made through payroll) to the SRFKS. The cap should be set at the amount required to enable a member to