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.

The Financial Action Task Force peer review of New Zealand’s regulatory landscape for anti-money laundering and countering the financing of terrorism was just released. Gaps remain in New Zealand’s approach particularly with regards to persons of interest and tracking of beneficial ownership.

The Department of Internal Affairs (DIA) announced a new criminal conviction under the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act. This is a small positive outcome to an issue that is daunting to authorities around the world and within New Zealand.

On 1 January, 2021 the US Congress passed the Anti-Money Laundering Act of 2020 (AMLA), the first major money laundering reform in 20 years. The Act creates a beneficial ownership registry and modernises whistleblower protections.