The New Zealand Racing Board

Date Made

Date signed: 2013-09-08

Sectors

Nonbank non-deposit taking lenders (NBNDTLs)

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 New Zealand Racing Board

Commencement date

This exemption comes into force on 2013-09-08

End date

This exemption will expire on 2018-06-30

Exemption

As the Minister of Justice, and pursuant to section 157 of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 ("AML/CFT Act"), I exempt the New Zealand Racing Board (NZRB) from all the provisions of Part 2 of the Act.

Conditions

This exemption is subject to the following condition:

1. 1. the NZRB will continue to comply with the Financial Transactions Reporting Act 1996 (FTRA) until either:
      1. the date the second tranche comes into force; or
      2. five years' time (being the date on which this exemption expires);
         whichever date is the earlier.

Statement of reasons

This exemption has been made for the following reasons:

1. 1. Cabinet explicitly agreed to include the NZRB in the second tranche of reform.
   2. A Ministerial exemption was considered the best route for exclusion from the existing regime.
   3. The exemption is a transitional exemption. In the meantime, the NZRB will continue to comply with the FTRA.
   4. The provision of financial services by the NZRB will be subject to extensive accountability and transparency mechanisms

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.