The Accident Compensation Corporation, and Earthquake Commission have been exempted from all provisions of the Anti-Money Laundering and Countering Funding of Terrorism Act 2009 by Associate Justice Minister Aupito William.
The New Zealand Lotteries Commission has been exempted from complying with sections 10 to 71 inclusive of the Act.
The exemptions are notified in the latest New Zealand Gazette and run from 23 July 2018 until 30 June 2023. They have been made pursuant to section 157(6)(b) of the Act.
The ACC and EQC exemptions have been made on the grounds that the risk of money laundering/terrorist financing associated with their business is low, that they would be subject to an undue regulatory burden, third party reporting entities are unlikely to be affected and there has been no material change to their business activity since the previous exemption was granted.