NZ foreign trust review says disclosure rules 'inadequate', allow illegal activity and should be tightened

Mon, 27 Jun 2016

By Jonathan Underhill June 27 (BusinessDesk) - New Zealand's foreign trust disclosure rules are inadequate and probably allow illegal activities to go undetected, says a government inquiry by former PwC chairman John Shewan that recommends a significant increase in disclosure and a register of trusts. The government appointed Shewan for the inquiry after some 11.5 million documents were leaked from Panamanian law firm Mossack Fonseca related to foreign trusts including many that referred to New Zealand. Such trusts were used by criminals...

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