Anti-Money Laundering and Countering Financing of Terrorism (Class Exemptions) Amendment Notice 2014

2014/358

Coat of Arms of New Zealand

Anti-Money Laundering and Countering Financing of Terrorism (Class Exemptions) Amendment Notice 2014

Pursuant to section 159(2)(b) of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009, the Minister of Justice gives the following notice.

Notice

1 Title
  • This notice is the Anti-Money Laundering and Countering Financing of Terrorism (Class Exemptions) Amendment Notice 2014.

2 Commencement
  • This notice comes into force on 1 December 2014.

3 Principal notice
4 Schedule amended
  • (1) In the Schedule, Part 2, clause 2, after operating a superannuation scheme, insert , KiwiSaver scheme, or workplace savings scheme.

    (2) In the Schedule, Part 2, clause 3, definition of specified service, after operating a superannuation scheme, insert , KiwiSaver scheme, or workplace savings scheme.

    (3) In the Schedule, Part 2, clause 3, insert in their appropriate alphabetical order:

    pre-transition KiwiSaver scheme means a KiwiSaver scheme that continues to be registered in the KiwiSaver schemes register under clause 18(1)(a) of Schedule 4 of the Financial Markets Conduct Act 2013

    pre-transition superannuation scheme means a superannuation scheme that continues to be registered under the Superannuation Schemes Act 1989 under clause 18(1)(b) of Schedule 4 of the Financial Markets Conduct Act 2013

    superannuation scheme

    • (a) has the same meaning as in section 6(1) of the Financial Markets Conduct Act 2013; and

    • (b) includes a pre-transition KiwiSaver scheme and a pre-transition superannuation scheme.

Dated at Wellington this 17th day of November 2014.

Amy Adams,
Minister of Justice.


Statement of reasons

This notice, which comes into force on 1 December 2014, amends the Anti-Money Laundering and Countering Financing of Terrorism (Class Exemptions) Notice 2014 (the principal notice). In particular, it amends Part 2 of the Schedule of the principal notice, which grants class exemptions under section 157(1) of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (the Act) in relation to certain superannuation schemes allowing contributions during unpaid leave of absence.

The Minister of Justice considers that it is appropriate to make the amendments because they are necessary to take account of changes made to the Act as a consequence of provisions of the Financial Markets Conduct Act 2013 and related legislation coming into force on 1 December 2014. In particular, they amend provisions of the exemptions so that—


Issued under the authority of the Legislation Act 2012.

Date of notification in Gazette: 27 November 2014.

This notice is administered by the Ministry of Justice.