Anti-Money Laundering Articles
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,
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.
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.
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.
Read more…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.
Read more…TINZ recommendations on the Phase 2 Countering Financing of Terrorism (AML/CFT) Law Reforms Exposure draft amendment Bill
26 January 2017
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 negative impact of money laundering in this country.
Read more…Phase 2 AML/CFT exposure draft amendment Bill
18 December 2016
Consultation on Phase 2 is ongoing through to 27 January, 2017.
The Government is developing law changes that will improve New Zealand’s ability to tackle money laundering and terrorist financing.
It is planning to extend the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act to more businesses that evidence shows are at high risk of being misused by criminals.
Read more…Anti money laundering news
13 October 2016
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 unless the individuals are first convicted in their country of origin.
Read more…AML Phase II Detailed Submission
16 September 2016
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.