The Tindall Foundation

Date Made

Date signed: 2013-11-21

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 ("the Act"), the Minister of Justice hereby gives notice that she has granted the following exemptions from the Act:

Ministerial Exemption Form: The Tindall Foundation

Commencement date

This exemption comes into force on 2013-11-21

End date

This exemption will expire on 2018-06-30

Exemption

As the Minister of Justice, pursuant to section 157 of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 ("the Act"), I exempt The Tindall Foundation from all the provisions of this Act.

Conditions

This exemption is not subject to any conditions.

Statement of reasons

This exemption has been made for the following reasons:

1. 1. There is a low risk of money laundering and terrorist financing through The Tindall Foundation as:
      1. The Tindall Foundation is a not for profit charitable organisation that does not accept money from the public and manages only the private money of one family. It is registered with the Charities Commission (#CC35747);
      2. The Tindall Foundation offers a community service that seeks to assist businesses to access safe credit for a purpose consistent with its Charitable Purpose as set out in its Trust Deed;
      3. The Tindall Foundation offers defined and limited services to specific customers with robust internal processes that confirm the purpose for which loans provided will be used; and
      4. the trustees make the final decision on all lending applications and retain control of the use of the funds of the organisation, including with respect to loan applications.
   2. The obligations imposed on The Tindall Foundation would be disproportionate given the low risk of money laundering or terrorist financing in the circumstances outlined in this exemption.

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.