The Government is intending to force the disclosure of the real owners of companies and limited partnerships with legislation to curb money laundering, tax evasion and terrorism financing.
Commerce and Consumer Affairs Minister David Clark said the legislation – to be introduced later this year – will make it mandatory for the beneficial owners or controllers of companies and trusts to be identified.
Other announcements from the Beehive deal with …
- Mental health: a recruitment campaign has been launched, targetting “the next generation of mental health nurses”.
- Horticulture: public funding is being pumped into the trial of a new hydroponic growing technique that aims to have higher yields and a lower impact on the environment.
- The war in Ukraine: New Zealand will provide a further $5 million contribution of “non-lethal military assistance” to support Ukraine and are making available a range of surplus defence equipment to share with Ukraine at their request.
- Biosecurity: This year’s New Zealand Biosecurity Awards winners have been announced.
The Bill to “crack down” on global and domestic criminals who use businesses to hide money laundering, tax evasion and the financing of terrorism gel with the Government’s National Security Priorities to help identify threats, risks, and challenges to New Zealand’s security and wellbeing, David Clark said.
“It will also help to bring us in line with other jurisdictions,” he said.
The proposed changes strike a balance between maintaining the ease of doing business, and protecting New Zealanders from illegal activities
“It’s quick and simple to establish a company or a limited partnership in New Zealand, which is great for doing business, but it also opens the door for criminals to take advantage.
“The Pandora and Panama papers highlighted some key vulnerabilities which need to be addressed. Frankly, New Zealanders deserve to know who they’re doing business with.
“When searching the Companies Register, it can be difficult to see the complete picture of a company’s ownership structure. The new measures will make it a requirement to provide accurate information about who the ‘beneficial owner’ is.”
A unique identifier number, or serial number, will be assigned to all beneficial owners, directors and general partners of limited partnerships. This will mean the Companies Office will be able to confidently link individuals with all entities they are associated with and will be publicly available.
The residential addresses of company directors will no longer need to be made publicly available on the Companies Office website.
A Bill containing the proposed legislation will be introduced in late 2022, following a consultation with industry stakeholders and the public.
More information can be found on MBIE’s website.
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Point of Order 
I wonder if the Government is going to add to the legislation to make it easier for the tax department to query the gangs as to where they got the money to buy expensive bikes cars etc?
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How about governments that take money from proceeds of crime and launder it through the mongrel mob for drug rehabilitation , when that gang was responsible for the manufacture and and selling of the drugs that caused the addiction? If that is not corrupt what is? They give the gang $2.75 Million and generously donate $2million to the citizens of Ukraine. What sort of government is that?
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