The Board of Trustees of the National Provident Fund

Date Made

Date signed: 2013-06-30

Sectors

Managed investment scheme (MIS) managers

Enacting statement

In accordance with section 159(3) of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 ("AML/CFT Act"), the Minister of Justice hereby gives notice that she has granted the following exemptions from the AML/CFT Act:

Ministerial Exemption: The Board of Trustees of the National Provident Fund

Commencement date

This exemption comes into force on 2013-06-30

End date

This exemption will expire on 2018-06-30

Exemption

As the Minister of Justice, and pursuant to section 157 of the AML/CFT Act, I partially exempt the Board of Trustees of the National Provident Fund ("Board") from Part 2 of the AML/CFT Act in respect of its activities relating to the Global Asset Trust ("GAT") and the superannuation schemes set out below that make up the National Provident Fund.

1.  In Part 2, the following sections are to remain in force:
   1. section 56 subsections (2) and (4);
   2. section 58;
   3. section 59 subsection (1); and
   4. section 60 in relation to annual reporting on compliance with conditions of this Ministerial exemption.
      
      
2. The relevant superannuation schemes ("Schemes") are as follows:
   
   1. Aircrew Superannuation Scheme;
   2. Annual Single Premium Scheme;
   3.  DBP Annuitants Scheme;
   4.  DBP Contributors Scheme;
   5.  Level Premium Scheme;
   6.  National Provident Lump Sum National Scheme;
   7. Employer Subsidised National Provident Fund National Superannuation Scheme for the Meat Industry;
   8. National Provident Pension Scheme;
   9.  National Provident Pension National Scheme;
   10.  National Provident Lump Sum Cash Accumulation Scheme ("Lump Sum Cash Accumulation Scheme"); and
   11.  National Provident Pension Cash Accumulation Scheme ("Pension Cash Accumulation Scheme").

Conditions

This exemption is subject to the following conditions:

1. 1. The Board is required to prepare a risk assessment in line with the requirements of section 58 of the AML/CFT Act.
   2.  The Board is required to review its risk assessment referred to in paragraph 4(a) regularly in accordance with section 59(1).
   3.  If, following any review of its risk assessment as outlined in paragraph 4.2, the Board considers that it faces a materially greater money laundering/terrorism financing risk, the Board is required to notify the Ministry of Justice and the Financial Markets Authority and undertakes to work with those bodies to agree how to manage that risk.
   4. The Board is required to appoint an Anti-Money Laundering and Countering Financing of Terrorism compliance officer to oversee the Board's compliance with the conditions of this exemption.
   5. The Board continues its current procedures in relation to significant voluntary contributions to those Schemes, being to enquire into the source of the funds used to make those significant voluntary contributions.
   6. The Board is also required to prepare an annual report on the Board's compliance with the conditions of this Ministerial exemption.
   7. The exemption provided in paragraph 1, above, to the extent it relates to the Lump Sum Cash Accumulation Scheme and the Pension Cash Accumulation Scheme, is subject to the further condition that the Board conducts customer due diligence and identity verification on all members of those schemes, as set out in sections 14 to 17 of the AML/CFT Act, at the time of the first payment after commencement of the AML/CFT Act of a benefit under those Schemes to a member.
      
      

Statement of reasons

   

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