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Anti-Money Laundering and Countering Financing of Terrorism Act 2009

Institutional arrangements and miscellaneous provisions - Miscellaneous provisions - Ministerial exemptions

157: Minister may grant exemptions

You could also call this:

"The Minister can let you skip some rules in the Anti-Money Laundering Act"

Illustration for Anti-Money Laundering and Countering Financing of Terrorism Act 2009

The Minister can exempt you from some rules in the Anti-Money Laundering and Countering Financing of Terrorism Act. You might be exempt from rules if you are a reporting entity or if you do certain transactions. The Minister can decide to exempt you on their own or if you ask them. The Minister can grant an exemption with or without conditions. Before making a decision, the Minister thinks about things like the purpose of the Act and the risk of money laundering. They also consider how the exemption would affect you and others. If the Minister grants an exemption, it is secondary legislation, which means it has to be published in a certain way, as explained in Part 3 of the Legislation Act 2019. This helps keep everything fair and transparent. You can find more information about this in the Legislation Act.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM2141066.

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156A: Review of operation of Act, or

"Checking how well the Anti-Money Laundering Act is working"

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158: Minister must consult before granting exemption, or

"The Minister must talk to others before allowing exceptions to the rules."

Part 4Institutional arrangements and miscellaneous provisions
Miscellaneous provisions: Ministerial exemptions

157Minister 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:

  2. a reporting entity or class of reporting entities:
    1. a transaction or class of transactions.

      1. The Minister may grant an exemption—

      2. to an individual reporting entity on application by that entity in a manner and form approved by the chief executive (if any):
        1. 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).

          1. The Minister may grant the exemption—

          2. unconditionally; or
            1. subject to any conditions the Minister thinks fit.

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

                1. the intent and purpose of this Act and any regulations:
                  1. 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:
                    1. the impacts on prevention, detection, investigation, and prosecution of offences:
                      1. the level of regulatory burden to which the reporting entity would be subjected in the absence of an exemption:
                        1. whether the exemption would create an unfair advantage for the reporting entity or disadvantage third party reporting entities:
                          1. the overall impact that the exemption would have on the integrity of, and compliance with, the AML/CFT regulatory regime.

                            1. An exemption under this section is secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

                            2. Repealed

                            3. Repealed

                            4. Repealed
                            Notes
                            • Section 157(1): amended, on , 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 , 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 , 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 , 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 , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).
                            • Section 157(5): repealed, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).
                            • Section 157(6): repealed, on , by section 3 of the Secondary Legislation Act 2021 (2012 No 119).
                            • Section 157(7): repealed, on , by regulation 83 of the Legislation Act (Amendments to Legislation) Regulations 2021 (LI 2021/247).