NEW ZEALAND GAZETTE, No. 93 — 13 OCTOBER 2016

period of Temporary Absence (as defined in the Trust Deed of the Plan) the following sections of the Act apply to such withdrawals and contributions:

a. sections 10–17 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.

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

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

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

c. the Plan is closed to new members;

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 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 Task Force and the Asia/Pacific Group on Money Laundering.

7. This exemption came into force on the day after the date I granted this exemption (22 September 2016).

8. This exemption will expire on 30 June 2020.

Any person wishing to provide comment on this notice should contact the Criminal Law Team at the Ministry of Justice by emailing international.crime@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 157(6)(b) of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (“Act”), the Associate Minister of Justice hereby gives notice that he has granted the following exemption from section 56(2) of the Act:

Ministerial Exemption: Travelex Financial Services NZ Limited

1. This exemption is granted subject to the following conditions:

a. The Anti-Money Laundering and Countering Financing of Terrorism (“AML/CFT”) compliance officer for Travelex Financial Services NZ Limited (“Travelex NZ”) must be a Sydney-based employee of Travelex Limited registered in Australia.

b. The AML/CFT compliance officer must be appropriately qualified, have adequate resources to perform his or her role, and have full access to all information relevant to the AML/CFT compliance matters of Travelex NZ.

c. The AML/CFT compliance officer must report fully and regularly on all relevant AML/CFT matters to a senior manager of Travelex NZ.

d. The AML/CFT compliance officer must be readily available to the staff of Travelex NZ in order to raise and discuss any AML/CFT compliance matters.

2. It is emphasised that, for the purposes of this exemption, the AML/CFT compliance officer for Travelex NZ has obligations under the Act, rather than the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Australia).

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

a. There is a low risk of money laundering and terrorist financing associated with this specific exemption.

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