Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Amendment Regulations 2016

2016/259

Coat of Arms of New Zealand

Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Amendment Regulations 2016

Patsy Reddy, Governor-General

Order in Council

At Wellington this 7th day of November 2016

Present:
Her Excellency the Governor-General in Council

These regulations are made under sections 153 and 154 of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 and section 56(1)(e) and (2) of the Financial Transactions Reporting Act 1996—

(a)

on the advice and with the consent of the Executive Council; and

(b)

in relation to regulations made under section 154 of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009, on the recommendation of the Minister (as defined by section 5 of that Act) made in accordance with section 154(2) and (3) of that Act.

Regulations

1 Title

These regulations are the Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Amendment Regulations 2016.

2 Commencement

These regulations come into force on 1 November 2017.

3 Principal regulations
4 Revocation

These regulations are revoked on the close of 29 June 2018.

5 New regulation 6A inserted (Certain entities exempt from reporting under section 48A of Act)

After regulation 6, insert:

6A Certain entities exempt from reporting under section 48A of Act

A reporting agency that is an intermediary institution is exempt from making a prescribed transaction report under section 48A of the Act in respect of any wire transfer.

Michael Webster,
Clerk of the Executive Council.

Explanatory note

This note is not part of the regulations, but is intended to indicate their general effect.

These regulations, which come into force on 1 November 2017, exempt a reporting agency that is an intermediary institution from making a prescribed transaction report under section 48A of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 in respect of any wire transfer. An intermediary institution, in relation to a wire transfer, is a person that participates in a transfer of funds that takes place through more than 1 institution but is not an ordering institution or a beneficiary institution. These regulations are revoked on the close of 29 June 2018 (which is the date that the principal regulations expire).

Issued under the authority of the Legislation Act 2012.

Date of notification in Gazette: 10 November 2016.

These regulations are administered by the Ministry of Justice.