New Zealand Green Investment Finance Limited

Date Made

Date signed: 2020-08-04

Sectors

Nonbank non-deposit taking lenders (NBNDTLs)

Enacting statement

In accordance with section 157(6)(b) of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (“Act”), the Associate Minister of Justice hereby gives notice that he has granted the following exemption from the Act:

Ministerial Exemption: New Zealand Green Investment Finance Limited

Commencement date

This exemption comes into force on 2020-08-04

End date

This exemption will expire on 2025-08-04

Exemption

 As the Associate Minister of Justice, and pursuant to section 157 of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (“Act”), I exempt New Zealand Green Investment Finance Limited 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. New Zealand Green Investment Finance Limited must inform the Ministry of Justice of any changes that may affect the exemption and/or conditions imposed by this written instrument within 10 working days from when the change affecting the exemption occurs.

Statement of reasons

This exemption has been made for the following reasons:

1. 1. New Zealand Green Investment Finance Limited is a Crown-owned company listed in Schedule 4A of the Public Finance Act 1989 and subject to public accountability and transparency requirements in the Crown Entities Act 2004.
   2. All of New Zealand Green Investment Finance Limited’s funding comes from the New Zealand Government.
   3. New Zealand Green Investment Finance Limited will only lend to New Zealand domiciled entities and projects, following a robust customer and investment due diligence process of the loan recipient and counterparties involved.
   4. New Zealand Green Investment Finance Limited does not handle cash and all loan payments and repayments are made electronically through banks.
   5. New Zealand Green Investment Finance Limited’s investments are primarily medium- to long-term in nature. As the investments are in projects/entities, and assets are not acquired, New Zealand Green Investment Finance Limited’s investments are illiquid.

Contact

Any person wishing to provide comment on this notice should contact the AML/CFT Team at the Ministry of Justice by emailing amlcft.exemptions@justice.govt.nz