Make the register of overseas registered entities public

Transparency International has called for "a public repository of the overseas beneficial owners of assets registered in New Zealand for all legal entities.”

When ordinary New Zealander's banking and overseas transfers of small amounts of money have been made into a top heavy & inconvenient not having a register of those organisations mostly likely to be the cause of the more than $1.35bn of dark money coming into NZ each year makes a mockery of our laws.  New Zealand has been a tax haven. Some of the worst aspects have been reined in.  A public list will help to clean up foreign tax evasion and the use of NZ as a destination for money laundering.

This article outlines the issue from Transparency International NZ. https://www.transparency.org.nz/report-on-money-laundering-and-financing-terrorism-warns-against-complacency/

Why the contribution is important

New Zealand's reputation overseas. Taxation fairness.  Preventing overseas money from being laundered into legitimate businesses and property in NZ.

 

by JanR on May 15, 2018 at 11:30PM

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Comments

  • Posted by DunsheathD May 20, 2018 at 00:49

    [N.B. The intention of the second long sentence of original posting is unclear - requires remedy. ]
    Overall, there is need for establishment and properly resourced maintenance of a public registry of overseas beneficial ownership, of all relevant asset-ownership structures, consistent with international initiatives.
  • Posted by JanR May 20, 2018 at 11:45

    Yes. I am aware the intent could be clearer. However there does not seem to be any way to edit my suggestions.

    Solutions would be to remove the 'into a' from the text that reads "made into a top heavy & inconvenient"

    Though it would read better as:
    The data collection the about financial transactions of ordinary New Zealander's have been made inconveniently intrusive. This has occurred due to new Anti-Money Laundering and Countering Financing of Terrorism legislation and regulations.
    In contrast those organisations that are mostly likely to be the cause of the dark money coming into NZ each year (estimated to be more than NZ$1.35bn) are not required to be part of a public register.
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