Foreign trusts report positive
The Shewan Report (Government Inquiry into Foreign Trust Disclosure Rules) recommends sensible additional rules to
maintain New Zealand’s reputation, says BusinessNZ.
BusinessNZ Chief Executive Kirk Hope says the report acknowledges that New Zealand is a desirable place to do business
because of the integrity of our institutions and professionals, and addresses factors that could compromise that
reputation.
"The report’s recommendations - including a register of trusts searchable only by regulatory agencies, requirements for
compliance with relevant Acts, more disclosure to the IRD, and more requirements to guard against money laundering
practices - are positive for achieving strengthened foreign trust rules and maintaining New Zealand’s reputation for
integrity," Mr Hope said.
ENDS