Ministerial exemption: The Tindall Foundation
Status: Expired
Date Made
Date signed: 2018-07-02
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 gave notice on 5 July 2018 that he has granted the following exemption from the Act:
Ministerial exemption: The Tindall Foundation (Registration number: CC35747)
Commencement date
This exemption comes into force on 2018-07-02
End date
This exemption will expire on 2023-06-30
Exemption
Exempting The Tindall Foundation (“Foundation”) from the following provisions of the Act:
-
- Sections 10–71 inclusive.
Conditions
This exemption is made subject to the following conditions:
-
- The Foundation must inform the Ministry of Justice of any changes that may affect the exemption within 14 days of when the change occurs.
Statement of reasons
This exemption has been made for the following reasons:
-
- the risk of money laundering/terrorist financing associated with the Foundation’s business activities is low because:
- The Foundation’s trust deed, through the charitable purpose, specifically details what loans may be used for and the Foundation is bound to follow that purpose;
- The Foundation does not accept deposits from members of the public and there is no opportunity for individuals to deposit funds into the loan pool as an investment; and
- The Foundation requires applicants to report back throughout the period of the loan which allows them to evaluate how successful each initiative has been;
- The Foundation, in the absence of an exemption, would be subject to an undue regulatory burden; and
- renewing this exemption is unlikely to affect third-party reporting entities.
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.
Corrigendum
Previous exemptions
The Tindall Foundation