These regulations are made under sections 48A, 48B, 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.