Anti-money launderings

EU breakthrough in the fight against money laundering

On 15 December 2017, the European Union (EU) took action to increase the transparency of companies through a public register of beneficial ownership. This breakthrough will allow the public to see who ultimately controls shell companies and other opaque structures which is a critical step to prevent and detect corruption, tax evasion and money laundering.

European Parliament and the Council reached a political agreement on the European Commission’s proposal to further strengthen EU rules on anti-money laundering and counter terrorist financing. A key aim of this revision of the Fourth Anti-Money Laundering Directive is to increase transparency on who really owns companies and trusts by establishing beneficial ownership registers.

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Global shockwaves from bombing of Maltese journalist, Daphne Caruana Galizia

David Dunsheath Newsletter Co-Editor It is with huge dismay that we learn of this tragic event. On 16 October, Maltese investigative journalist Daphne Caruana Galizia, 53, wrote her last post on her  ‘Running Commentary’ news blog. Less than an hour later, she was murdered in a car bomb attack. This follows 15 previous car bombings {read more…}

TINZ applauds decline in foreign trusts Media Release

The sharp decline in registrations strongly suggests that there are number of foreign trusts involved in activities that couldn’t stand scrutiny.

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AML2 Legislation—What is it? How will it affect me?

Brendon Wilson by Brendon Wilson TINZ Director Writing for Employers and Manufacturers Association BusinessPlus Magazine This article is intended to answer questions particularly to prepare small to medium sized companies for the legislation. What and why? The New Zealand Parliament introduced the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Amendment Bill (‘AML2’) into {read more…}

Is New Zealand doing enough to combat money laundering, profit shifting and tax avoidance?

by Josephine Serrallach TINZ Director Monday, 3 of April, marked the first anniversary of the publication of the Panama Papers. During the past year, these have attracted a great deal of media attention which provoked international condemnation of fiscal fraud. A week long global campaign by the Global Alliance for Tax Justice was held to {read more…}

Common reporting standard

Very quietly, IRD is implementing a Common Reporting Standard devised by the Organization for Economic Cooperation and Development (OECD). The new code aims to ensure automatic information sharing between tax authorities globally. The Taxation (Business Tax, Exchange of Information, and Remedial Matters) Act received Royal assent on 21 February 2017. The Bill was introduced in {read more…}

TINZ recommendations on the Phase 2 Countering Financing of Terrorism (AML/CFT) Law Reforms Exposure draft amendment Bill

George White George White TINZ Staff Member responsible for Social Networking and Research Phase 1 of the AML/CFT laws came into effect in 2013, covering businesses such as banks, casinos, certain trust and company service providers and certain financial advisers, among others. TINZ strongly supports the fast tracking of the AML provisions that prevent the {read more…}

Anti money laundering news

International AML News – Hundreds of properties could be seized in UK corruption crackdown In Britain a new criminal finances bill will include an ‘unexplained wealth order’ forcing suspects to disclose source of their assets. This bill is designed to close a loophole which has left the authorities powerless to seize property from overseas criminals {read more…}

AML Phase II Detailed Submission

Improving New Zealand’s ability to tackle money laundering and terrorist financing. Ministry of Justice Consultation Paper on Phase Two of the AML/CFT Act.

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Anti money laundering phase 2

There is still time – Submissions are due September 16th Have your say on how our country should tackle money laundering and counter the financing of terrorism as part of Phase 2 of the AML/CFT Regime. The Ministry of Justice is seeking your views to help determine some of the detailsof the extended AML/CFT regime, {read more…}