11 APRIL 2016

Panama Papers Review Not a Solution - Peters

New Zealand First welcomes the shift on the Panama Papers but warns this is not going to be a solution.

“Unless the so-called expert has the respect of both Transparency International and the U.K. Tax Justice Network, then it will not allay the fears and the claims being made about New Zealand's position as a tax haven,” New Zealand First Leader and Northland Member of Parliament, Rt Hon Winston Peters says.

“The PM announces this review at the same time asserting again the integrity of the New Zealand trust laws when it relates to taxation.

“If our system has any integrity this review would not be required.

“Clearly from expert international comment our system doesn't have integrity anymore and information emerging from the Panama Papers should suggest to the PM and his Cabinet that political damage control measures won't fix this cancer on our reputation as a country.

“For example, Mr Key knew as early as 2011 of the Santa Tereza case when Geoffrey Taylor linked NZ company SP Trading to smuggling 35 tonnes of North Korean weapons into Iran.

“Mr Key knew that when then minister Simon Power alerted him to what was going on in NZ entities back in 2011.

“A principal for Santa Tereza in a plea bargain in Brazil admitted the money laundering operation that he was involved in.

”This case, and numerous cases to come, should suggest the PM stops his bluster and takes the issue deadly seriously,” Mr Peters says.

ENDS

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