Internal Affairs

Gambling Act 2003

Amendments to the Rules of Casino Table Games – Division 10 – Money Wheel

The Rules of Money Wheel (Division 10 – Money Wheel) have been amended pursuant to section 367 of the Gambling Act 2003.

These amendments will take effect on 6 December 2013.

Copies of the amendments may be obtained from the Department of Internal Affairs website

www.dia.govt.nz

or by writing to Gambling Compliance, Department of Internal Affairs, PO Box 805, Wellington 6140.

Dated at Wellington this 26th day of November 2013.

HEATHER JEAN BROWN MCSHANE, Manager Operational Policy, Regulatory Services Group, Department of Internal Affairs, Acting Under Authority Delegated* to me by the Secretary for Internal Affairs.

*A copy of the instrument of delegation may be inspected at the Department of Internal Affairs, 46 Waring Taylor Street, Wellington 6011.

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Justice

Anti-Money Laundering and Countering Financing of Terrorism Act 2009

Ministerial Exemptions Under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009

In accordance with section 157(6)(b) of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 ("the Act"), the Minister of Justice hereby gives notice that she has granted the following exemptions from the Act:

Ministerial Exemption: Waterfront Industry 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 Waterfront Industry Superannuation Fund (WISF); and

   (b) the Waterfront Industry KiwiSaver Scheme (WIKS);

   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 WISF that enable members to contribute to the WISF 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 WIKS. 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 WIKS, 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 Schemes from international sources.

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

   (a) The trustees’ only duties as a reporting entity under the Act are in respect of the Schemes;

   (b) The Schemes pose 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 Schemes 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 by 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 (8 September 2013).

5. This exemption will expire on 30 June 2018.

Ministerial Exemption: Crown Asset Management Limited

1. As the Minister of Justice, pursuant to section 157 of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 ("the Act"), I exempt Crown Asset Management Limited from the following provisions of the Act:

   (a) Part 2, sections 9–71.

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

   (a) Crown Asset Management Limited is required to notify its Statutory Supervisor, the Department of Internal Affairs, if it lends above $500,000 in one year (starting 30 June 2013) on the one working capital facility it has continued to offer to one customer.

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

   (a) There is a low risk of money laundering and terrorist financing through Crown Asset Management Limited as:

   (i) the assets that have been acquired by Crown Asset Management Limited are subject to a traceable history, sourced from the companies that the Shareholding Ministers have directed Crown Asset Management Limited to acquire assets from;

   (ii) further acquisition of assets is restricted to that directed by the Shareholding Ministers (the Ministers of Finance and State Owned Enterprises);

   (iii) Crown Asset Management Limited’s activities are subject to Crown supervision assisted by the Treasury and Crown Ownership Monitoring Unit;