New Zealand: PM rejects tax expert’s advice to speed up anti-money laundering laws
28 Jun 2016

A report by tax expert John Shewan, triggered by the Panama Papers, said the Government should get the new regime in place by the end of the year.

But Prime Minister John Key has rejected that, saying it would be too expensive for those industries.  But he says it is likely to happen before next year’s election.
“It is a matter of making sure we get it right,” Mr Key said.  “I think there will be quite a bit of screaming from those sectors about the amount of compliance, the amount of information they need to collect, the cost of all that and who is going to pay that cost.”

“There is going to be significant compliance costs”

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