Police had ‘strong concerns’ over lack of register to track company ownership

An estimated $1.35 billion from the proceeds of fraud and illegal drugs is laundered through NZ corporate entities each year. (Image: Getty)

Jem Traylen

Fri, 18 Oct 2024

It would have only cost $5 per company, but this “compliance burden” was one of the reasons cited for delaying a critical tool used to combat fraud and money laundering.Documents obtained by BusinessDesk under the Official Information Act (OIA) also revealed the depth of officials’ concerns about the delay, with one saying there was a risk that the work on it would be “left high and dry”.Understanding the underlying ownership or control of legal entities – known as “beneficial ownership”– en...

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