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Government to adopt Shewan recommendations

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Fuseworks Media
Fuseworks Media

The Government is acting on all recommendations from the Shewan Inquiry into foreign trust disclosure rules, Finance Minister Bill English and Revenue Minister Michael Woodhouse announced today.

The Inquiry made a number of recommendations which propose improvements to registration and disclosure of information, anti-money laundering rules and increased information sharing between government agencies.

"The Government has always been open to making improvements to New Zealand’s already strong tax settings if that was warranted," Mr English says.

"The Shewan Inquiry’s recommendations are sensible and well-reasoned and by acting on all of them, we will ensure that our foreign trust disclosure rules are strengthened and New Zealand’s reputation is protected.

"The changes to the foreign trust rules are a matter that the Government intends to move quickly on.

"The Government intends to introduce legislation to require a register that is searchable by Internal Affairs and the Police, and annual disclosure requirements in the coming months."

Mr Woodhouse says that while the Government agrees with all of the recommendations from the Shewan inquiry, the way in which a small number are implemented will be tweaked.

"We have already committed to a course of action for strengthening New Zealand’s anti-money laundering rules, which will bring in more comprehensive requirements for lawyers, accountants, real estate agents and others," Mr Woodhouse says.

"For example, lawyers and accountants will be included in AML/CFT requirements as soon as practicable, However due to issues around legal privilege and regime supervision this will form part of the more substantial AML/CFT reform programme already underway, which is being expedited."

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