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

1. 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. Sections 10–71 (inclusive).

2. This exemption is made subject to the following conditions:

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.

3. This exemption has been made for the following reasons:

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.

4. This exemption comes into force on 4 August 2020.

This exemption will expire on 4 August 2025.

Dated this 4th day of August 2020.

Hon AUPITO WILLIAM SIO, Associate Minister of Justice.