26 Oct 2016
New Zealand has edged out Singapore to take top spot for ease of doing business in the World Bank’s latest rankings, but money laundering experts warned the honour masked the darker side of the Pacific nation’s vulnerability as a channel for illegal funds.
In its annual “Doing Business” report released on Tuesday, the World Bank cited tax improvements as a key reason for moving New Zealand to the top spot from its previous runner-up position.
The country also topped the Bank’s indicator on ease of company formation, a particularly worrisome aspect for anti-money laundering efforts and one that had recently raised some alarm bells given the use of shell companies to launder funds.
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