New Zealand Legislation: Acts

9 Prohibition on dealing with property of, or derived or generated from property of, designated terrorist entity

• (1) A person commits an offence who, without lawful justification or reasonable excuse, deals with any property knowing that the property is—

  • (a) property owned or controlled, directly or indirectly, by a designated terrorist entity; or

  • (b) property derived or generated from any property of the kind specified in paragraph (a).

  (2) For the purposes of subsection (1), examples of a reasonable excuse for dealing with property referred to in those provisions are—

  • (a) where the dealing with the property comprises an act that does no more than satisfy essential human needs of (or of a dependant of) an individual designated under this Act:

  • (b) where a financial institution acts to freeze assets of a designated terrorist entity.

  (3) Subsection (1) does not apply—

  • (a) if the Prime Minister has, under section 11, authorised the dealing with the property; or

  • (b) if the property concerned is the subject of a direction under section 48 and the dealing concerned forms part of the exercise by the Official Assignee of his or her powers under section 50 of the Proceeds of Crime Act 1991 (as modified and applied by section 51(a)).

  (4) A person who commits an offence against subsection (1) is liable on conviction on indictment to imprisonment for a term not exceeding 7 years.

  (5) [Repealed]

  (6) A reference in the definition of deal with in section 4 to the transfer of property that is a security includes a reference to a transfer of the security by way of loan, mortgage, pledge, or bailment, whether in respect of a legal or an equitable interest.

  Compare: SR 2001/26 rr 3(2), 15

  Section 9 heading: amended, on 20 November 2007, by section 8(1) of the Terrorism Suppression Amendment Act 2007 (2007 No 102).

  Section 9(1)(a): amended, on 20 November 2007, by section 8(2) of the Terrorism Suppression Amendment Act 2007 (2007 No 102).

  Section 9(2): substituted, on 20 November 2007, by section 8(3) of the Terrorism Suppression Amendment Act 2007 (2007 No 102).

  Section 9(5): repealed, on 20 November 2007, by section 8(4) of the Terrorism Suppression Amendment Act 2007 (2007 No 102).

  Section 9(6): amended, on 20 November 2007, by section 8(5) of the Terrorism Suppression Amendment Act 2007 (2007 No 102).