An OIA by TINZ reveals that there is very little data available about the activities of trusts in New Zealand. This limited data highlights the need for more information about these arrangements to increase protection against criminals using New Zealand’s opacity to launder money and hide corruptly gained assets.

International agreements make some people yawn and others yell, but in our field they are part and parcel of preventing corruption.

Transparency International New Zealand welcomes the Government’s intent to make it easier to see who owns and controls a company. We must apply the same standards to trusts.

Transparency International New Zealand welcomes the government’s intent to make it easier to see who owns and controls a company.

The Financial Action Task Force - the authoritative international policy-making body on money laundering - has recently proposed changes that would require countries to have beneficial ownership registries. Anti-corruption organisations have been vigorously advocating on the proposal.

The Pandora papers data leak brings renewed scrutiny to New Zealand’s role in the offshore industry exposed by an earlier leak, the Panama papers in 2016. Changes to the trust regime in 2017 appear to have reduced the use of New Zealand based offshore trusts for corrupt uses. The Financial Action Task Force and TINZ are calling for still more transparency.