Anti-Money Laundering Articles

Investigative journalists find suspicious foreign trusts in New Zealand

20 April 2018

New Zealand remains vulnerable to the flow of illicit offshore assets. An Auckland company is caught up in an international money laundering controversy after it was identified helping to manage a network of New Zealand-registered companies and trusts for its secret clients.

“This article is striking. The amount of money involved and the newness of this activity are a strong signal that more needs to be done to prevent New Zealand trusts and companies from laundering foreign assets acquired under suspicious circumstances. We are left wondering just how much corrupt wealth is sheltered through New Zealand,” says Suzanne Snively, Chair of Transparency International New Zealand.fully transparent.

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More dirty laundering in New Zealand

20 April 2018

David Dunsheath

by David Dunsheath

Transparency Times Newsletter Co-editor

Investigative journalist members of the ‘Daphne Project’ have recently linked an Auckland wealth management company, Denton Morrell, with an international money laundering controversy. (See Transparency International New Zealand (TINZ) media release on 20 April 2018)

New Zealand manipulations

As reported by RadioNZ,

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Report on Money Laundering and Financing Terrorism warns against complacency

18 March 2018

In its updated assessment the New Zealand Police Financial Intelligence Unit (FIU) said $1.35 billion of domestic criminal proceeds is generated for laundering in New Zealand each year.

While the new requirement under the anti money laundering and counter terrorism act to be implemented in July will further assist the prevention of money laundering for terrorist and other criminal purposes financial transactions are not the only identifier of criminal intent. The Government needs to pass with urgency the bill that will identify beneficial ownership of trusts followed quickly with an amendment to cover all legal entities used by overseas sources and with the register fully transparent.

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EU breakthrough in the fight against money laundering

23 December 2017

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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anti-corruption groups vigil for Daphne Caruana Galizia

Global shockwaves from bombing of Maltese journalist, Daphne Caruana Galizia

7 November 2017

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.

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Remember the Panama Papers – What happened?

21 August 2017

by Brendon Wilson

TINZ Director

Writing for Employers and Manufacturers Association

BusinessPlus Magazine – August 2017

Editor’s Note This article is particularly timely in light of the recent murder of journalist Daphne Caruana Galizia in Malta and the release of the Paradise Papers

Following the Panama Papers leak -a whistleblowing event of heroic proportions- to a world audience in 2016,

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TINZ applauds decline in foreign trusts Media Release

11 July 2017

pdf

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?

27 May 2017

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 Parliament in March 2017.
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Is New Zealand doing enough to combat money laundering, profit shifting and tax avoidance?

24 April 2017

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 coincide with this anniversary.

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Common reporting standard

9 March 2017

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 August 2016, reported back to Parliament by the Finance and Expenditure Select Committee in November 2016 and completed its third reading on 14 February 2017.

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