BGLIR Trustee Limited

Date Made

Date signed: 2026-06-29

Sectors

Trust and company service providers (TCSPs)

Enacting statement

In accordance with section 157 of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (“the Act”), the Associate Minister of Justice hereby gives notice that she has granted the following exemption from the Act: 

Ministerial Exemption: BGLIR Trustee Limited

Commencement date

This exemption comes into force on 2026-06-29

End date

This exemption will expire on 2031-06-29

Exemption

As the Associate Minister of Justice, and pursuant to section 157 of the Act, I exempt BGLIR Trustee Limited (“BGLIR”) from the following provisions of the Act:  

1. 1. Sections 10-71 (inclusive)  

Conditions

This exemption is made subject to the following conditions:  

1. 1. BGLIR must inform the Ministry of Justice of any changes that may affect the exemption within 10 working days of when the change occurs. For clarity, this would include acting as a corporate trustee for any additional trust or the BGLIR Trust receiving additional contributions.  

Statement of reasons

The exemption has been made for the following reasons:

1. 1. There is a low risk of money laundering and terrorism financing through BGLIR because:
      1. BGLIR acts as the corporate trustee for only the BGLIR Trust.
      2. The commercial purpose of BGLIR Trust is narrow. It holds its assets for only a limited group of discretionary beneficiaries, principally so those assets are available to help sustain an established corporate group of companies, as needed.
      3. The discretionary beneficiaries of BGLIR Trust have no control or influence over the trust’s assets or entitlement to distributions. This means only very limited distributions are made, and only on a discretionary basis, to a widely held corporate group (including its officers, employees and shareholders).
      4. No further contributions to BGLIR Trust are expected as the Trust currently has sufficient funds for its purposes.
   2. The obligations imposed on BGLIR would be disproportionate given the low risk of money laundering and terrorism financing.
   3. The exemption granted has a low impact on the integrity of the anti-money laundering and countering financing of terrorism system in alignment with section 157 of the Act.

Contact

Any person wishing to provide comment on this notice should contact the Anti-Money Laundering and Countering Financing of Terrorism Team at the Ministry of Justice by emailing amlcft.exemptions@justice.govt.nz.