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60 AML CFT exemptions granted so far

06 May 2016

Associate Justice Minister Simon Bridges says 60 exemptions under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 have been granted so far.

Responding to a written parliamentary question from Green Party MP Julie Genter, Mr Bridges has said there have been 15 full and 45 partial exemptions.

"Companies have been granted 6 full exemptions, and 20 partial exemptions," Mr Bridges says.

Mr Bridges provided a list of the exemptions provided to specific types of organisations which Ms Genter had asked about:

Exemptions granted to specified organisations under Act

BusinessFull ExemptionsPartial Exemptions
Banks02
Building societies00
Casinos01
Credit unions00
Finance companies/advisors23
Foreign exchange dealers00
Life insurers02
Money service businesses00
Trustee companies02
   
Total210


Mr Bridges says decisions on exemptions are taken on the recommendation of the AML/CFT National Coordination Committee which was established by legislation to consider AML/CFT policy.

He says the committee comprises representatives of the Ministry of Justice, the AML/CFT supervisors (Department of Internal Affairs, Financial Markets Authority, Reserve Bank of New Zealand) "and other AML/CFT relevant agencies including New Zealand Police, Inland Revenue and New Zealand Customs Service."

Mr Bridges says further information on exemptions, including details regarding each exemption granted is available here and here.

Last updated on the 16th September 2019