NEW ZEALAND GAZETTE, No. 15 — 12 FEBRUARY 2015

member commencing leave of absence.

c. where any member contributions are received from international sources, or any withdrawals are made
by a member in addition to making any contributions during the period of unpaid leave of absence, the
provisions of the Act relating to customer due diligence and suspicious transaction reporting apply
where applicable.

5. Where any Regular Leave of Absence Contributions are received from international sources during the
   permitted period of unpaid leave of absence, the following sections of the Act apply to such contributions:

a. Sections 10–18 of the Act (and for the purposes of section 14(d) of the Act the receipt of a contribution
from an international source is specified as a circumstance in which standard customer due diligence
must be conducted);

b. sections 40–48 of the Act;

c. where the transaction is relevant to a suspicious transaction report, sections 49(1) and 2(a)–(f) of the
Act; and

d. sections 92–100 of the Act.

6. Where any withdrawals are made by a member in addition to that member making Regular Leave of Absence
   Contributions during the permitted period of unpaid leave of absence the following sections of the Act apply
   to such withdrawals and contributions:

a. Sections 10–18 of the Act (and for the purposes of section 14(d) of the Act the first such withdrawal is
specified as a circumstance in which standard customer due diligence must be conducted);

b. sections 40–48 of the Act;

c. where the transaction is relevant to a suspicious transaction report, section 49(1) and (2)(a)–(f) of the
Act; and

d. sections 92–100 of the Act.

7. 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 Fund;

b. the Fund poses a very low risk of money laundering or terrorism financing;

c. any risks posed by voluntary contributions outside of payroll have been addressed by the conditions;

d. due to the very low money laundering and terrorism financing risks raised by the Fund 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.

8. This exemption came into force on the day after the date I granted this exemption (28 January 2015).

9. This exemption will expire on 30 June 2018.

Any person wishing to provide comment on these notices should contact the Criminal Law Team at the Ministry of
Justice: international.crime@justice.govt.nz

2015-go783

Revocation of Notice of Direction to Appoint a Limited Statutory Manager for the Horowhenua College (236) Board of Trustees

Under section 78M(7) of the Education Act 1989, (acting under delegated authority) I revoke the notice of
direction to appoint a limited statutory manager for the Horowhenua College Board of Trustees (as published in
the New Zealand Gazette, 20 June 2013, No. 78, page 2137).

This notice takes effect on the day of publication.

Dated at Wellington this 10th day of February 2015.

KATRINA CASEY, Deputy Secretary for Education, Sector Enablement and Support, Ministry of Education.

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