20 JUNE 2013 NEW ZEALAND GAZETTE, No. 78

(c) Standard CDD in accordance with sections 14–17 of the AML/CFT Act is required on any refunds made during the "cooling off period" of over $9,999.99.

(d) Standard CDD in accordance with sections 14–17 of the AML/CFT Act is required on all funds returned for the purposes of permanent emigration or due to hardship.

(e) Standard CDD in accordance with sections 14–17 of the AML/CFT Act be carried out on any amount returned to an estate over $9,999.99 after a funeral has been paid for.

(f) When customers apply to have funds refunded due to permanent emigration from New Zealand or due to hardship, levels of proof of emigration or hardship consistent with the KiwiSaver regime are required.

3. This exemption will come into force on 30 June 2013.

4. This exemption will expire on 30 June 2018.

Ministerial Exemption: Mercer Investment Nominees (NZ) Limited

1. As the Minister of Justice, and pursuant to section 157 of the AML/CFT Act, I exempt Mercer Investment Nominees (NZ) Limited from all the provisions of the AML/CFT Act in relation to its role as trustee of the United Distillers (NZ) Limited Pension Fund.

2. This exemption is not subject to any conditions.

3. This exemption will come into force on 30 June 2013.

4. This exemption will expire on 30 June 2018.

Ministerial Exemption: Trustees of the New Zealand Steel Pension Fund

1. As the Minister of Justice, and pursuant to section 157 of the AML/CFT Act, I exempt the Trustees of the New Zealand Steel Pension Fund from all the provisions of the AML/CFT Act in relation to their role as trustees of the New Zealand Steel Pension Fund.

2. This exemption is not subject to any conditions.

3. This exemption will come into force on 30 June 2013.

4. This exemption will expire on 30 June 2018.

Ministerial Exemption: BP Pacific Investments Limited

1. As the Minister of Justice, and pursuant to section 157 of the AML/CFT Act, I exempt BP Pacific Investments Limited from all the provisions of the AML/CFT Act in relation to its role as trustee of the BP New Zealand Retirement Plan.

2. This exemption is not subject to any conditions.

3. This exemption will come into force on 30 June 2013.

4. This exemption will expire on 30 June 2018.

Ministerial Exemption: Shared Compliance Officers for Members of a Designated Business Group

1. As the Minister of Justice, and pursuant to section 157 of the AML/CFT Act, I exempt reporting entities that are members of the same designated business group, or in the process of electing to become members of the same designated business group, from sections 56(2) and 56(4) of the AML/CFT Act.

2. For the purposes of this Ministerial exemption, the process of electing to become members of the same designated business group means that the reporting entities are eligible to be members of the same designated business group and have provided a form in writing to the Anti-Money Laundering and Countering Financing of Terrorism supervisor in accordance with Regulation 6 of the Anti-Money Laundering and Countering Financing of Terrorism (Definitions) Regulations 2011.

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

   (a) The relevant reporting entities are members of the same designated business group, or in the process of electing to become members of the same designated business group;

   (b) the relevant reporting entities that are members of the same designated business group, or in the process of electing to become members of the same designated business group, must appoint the same person to act as their Anti-Money Laundering and Countering Financing of Terrorism compliance officer ("shared compliance officer");

   (c) the shared compliance officer must administer and maintain the programmes of each member of the designated business group who has appointed that person;

   (d) the shared compliance officer must be an employee of at least one of the reporting entities that has appointed the shared compliance officer; and

   (e) the shared compliance officer must report to a senior manager of each of the reporting entities who have appointed the shared compliance officer.

4. This exemption will come into force on 30 June 2013.

5. This exemption will expire on 30 June 2018.

Any person wishing to provide comment on these exemptions should contact:

Ben Wakely
Criminal Law Team
Ministry of Justice
DX SX10088
Wellington.
Telephone: (04) 918 8584.
Email: ben.wakely@justice.govt.nz

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

In accordance with section 159(3) of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 ("AML/CFT Act"), the Minister of Justice hereby gives notice that she has granted the following exemptions from the AML/CFT Act:

Ministerial Exemption: Listed Companies Providing Services in the Course of a Non-finance Business

1. As the Minister of Justice and pursuant to section 157 of the AML/CFT Act, I exempt the listed companies from all provisions of the AML/CFT Act where a listed company carries out a relevant service in respect of a share purchase scheme or an employee share purchase scheme in the ordinary course of a non-finance business.

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

   (a) employee share purchase scheme means a scheme established by a listed company under which employees of the listed company may acquire specified equity securities issued by the listed company:

   (i) where the purchase of those specified equity securities is funded by way of deductions from employees wages or salaries.