Foreign trust rules ‘must change for the sake of NZ’s reputation’, official inquiry finds
27 Jun 2016

The inquiry was ordered after reporting of the Panama Papers led to accusations foreign trusts in New Zealand are being used to hide dodgy money and avoid tax.

John Shewan’s inquiry into Foreign Trust Disclosure Rules, released this afternoon, finds the rules are “not fit for purpose in the context of preserving New Zealand’s reputation as a country that cooperates with other jurisdictions to counter money laundering and aggressive tax practices”.

Mr Shewan says the initial registration requirements for Foreign Trusts must be strengthened, and regulatory agencies allowed to search the register.

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