Anti-Money Laundering and Countering Financing of Terrorism Act 2009

If you need more information about this Act, please contact the administering agency: Ministry of Justice
  • not the latest version

Ministerial exemptions

157 Minister may grant exemptions

(1)

The Minister may exempt either or both of the following from the requirements of all or any of the provisions of this Act:

(a)

a reporting entity or class of reporting entities:

(b)

a transaction or class of transactions.

(1A)

The Minister may grant an exemption—

(a)

to an individual reporting entity on application by that entity in a manner and form approved by the chief executive (if any):

(b)

to a class of reporting entities on the Minister’s own motion or on application by 1 or more reporting entities made in a manner or form approved by the chief executive (if any).

(2)

The Minister may grant the exemption—

(a)

unconditionally; or

(b)

subject to any conditions the Minister thinks fit.

(3)

Before deciding to grant an exemption and whether to attach any conditions to the exemption, the Minister must have regard to the following:

(a)
[Repealed]

(b)

the intent and purpose of this Act and any regulations:

(c)

the risk of money laundering and the financing of terrorism associated with the reporting entity, including, where appropriate, the products and services offered by the reporting entity and the circumstances in which the products and services are provided:

(d)

the impacts on prevention, detection, investigation, and prosecution of offences:

(e)

the level of regulatory burden to which the reporting entity would be subjected in the absence of an exemption:

(f)

whether the exemption would create an unfair advantage for the reporting entity or disadvantage third party reporting entities:

(g)

the overall impact that the exemption would have on the integrity of, and compliance with, the AML/CFT regulatory regime.

(4)

An exemption under this section is a disallowable instrument but not a legislative instrument for the purposes of the Legislation Act 2012 and must be presented to the House of Representatives under section 41 of that Act.

(5)

A class exemption under this section is a legislative instrument and must be published under section 6 of the Legislation Act 2012 and, for this purpose, class exemption—

(a)

means an exemption of general application that applies to a class of reporting entities or transactions; but

(b)

does not include an exemption granted in relation to a particular reporting entity or transaction.

(6)

An exemption under this section that is not a class exemption under subsection (5) must, as soon as practicable after being granted, be—

(a)

published on an Internet site maintained by or on behalf of the chief executive; and

(b)

notified in the Gazette; and

(c)

made available in printed form for purchase on request by members of the public.

(7)

A notification in the Gazette for the purpose of subsection (6)(b) does not have to incorporate the exemption.

See secondary legislation made under this Act (if published on this website)

Section 157(1): amended, on 11 August 2017, by section 63(1) of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).

Section 157(1)(a): amended, on 11 August 2017, by section 63(2) of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).

Section 157(1A): inserted, on 11 August 2017, by section 63(3) of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).

Section 157(3)(a): repealed, on 11 August 2017, by section 63(4) of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).

Section 157(4): replaced, on 5 August 2013, by section 77(3) of the Legislation Act 2012 (2012 No 119).

Section 157(4): amended, on 11 August 2017, by section 63(5) of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).

Section 157(5): inserted, on 5 August 2013, by section 77(3) of the Legislation Act 2012 (2012 No 119).

Section 157(5): amended, on 11 August 2017, by section 63(6) of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).

Section 157(6): inserted, on 5 August 2013, by section 77(3) of the Legislation Act 2012 (2012 No 119).

Section 157(7): inserted, on 5 August 2013, by section 77(3) of the Legislation Act 2012 (2012 No 119).