Anti-Money Laundering and Countering Financing of Terrorism (Definitions) Amendment Regulations (No 2) 2018

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2018/199

Coat of Arms of New Zealand

Anti-Money Laundering and Countering Financing of Terrorism (Definitions) Amendment Regulations (No 2) 2018

Patsy Reddy, Governor-General

Order in Council

At Wellington this 15th day of October 2018

Present:
Her Excellency the Governor-General in Council

These regulations are made under sections 5, 153, and 154 of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009

(a)

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

(b)

in relation to regulations made under section 154 of that Act, on the recommendation of the Minister (as defined by section 5(1) 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 (Definitions) Amendment Regulations (No 2) 2018.

2 Commencement

These regulations come into force on 1 August 2019.

3 Principal regulations
4 Regulation 15 amended (Inclusion: transactions involving certain stored value instruments)

(1)

After regulation 15(1)(a)(ii), insert:

(iii)

despite subparagraphs (i) and (ii), if the stored value instrument is a voucher issued by the New Zealand Racing Board, $10,000 or more; or

(2)

In regulation 15(4), definition of stored value instrument, paragraph (a), after “gift facility”, insert “or voucher”.

(3)

In regulation 15(4), insert in its appropriate alphabetical order:

voucher includes any document or other instrument issued by the New Zealand Racing Board that has a monetary value and can be used to facilitate or carry out a transaction (for example to place a bet) irrespective of whether—

(a)

it can be redeemed for cash:

(b)

it can be split or consolidated for use in 2 or more transactions.

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 come into force on 1 August 2019. They amend the Anti-Money Laundering and Countering Financing of Terrorism (Definitions) Regulations 2011 by clarifying that vouchers issued by the New Zealand Racing Board are stored value instruments.

Issued under the authority of the Legislation Act 2012.

Date of notification in Gazette: 18 October 2018.

These regulations are administered by the Ministry of Justice.