Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search


Inquiry into foreign trusts must restore NZ’s reputation

11 April 2016

Inquiry into foreign trusts must restore NZ’s reputation

The Green Party is welcoming John Key’s U-turn on foreign trusts but is calling for a broader public inquiry to ensure this isn’t a whitewash, the Green Party said today.

“The Prime Minister is in damage control mode over the use (and abuse) of New Zealand’s foreign trust regime, today announcing that he will appoint an independent expert to review New Zealand’s rules around foreign trusts,” said Green Party Co-Leader James Shaw.

“While I welcome the Prime Minister’s U-turn on New Zealand’s foreign trusts, appointing a single tax expert is unlikely to lead to the kinds of reforms we need to protect our country’s reputation.

“Appointing a single expert insider could result in a whitewash.

“Any inquiry into New Zealand’s foreign trusts also needs expertise from the Inland Revenue Department (IRD), transparency and anti-corruption experts, international tax law experts, and an opportunity for public input.

“Any inquiry without IRD input will be meaningless. IRD are at the heart of this issue, having direct oversight over foreign trusts and responsible for information sharing with overseas tax authorities. They first warned the Government about this issue back in 2013.

“Any inquiry without expert input from anti-corruption specialists will similarly be problematic, as a single tax expert will not be expert at protecting and restoring New Zealand’s reputation overseas.

“The Prime Minister needs to move from damage control mode to a meaningful reform of our secretive foreign trust regime.

“John Key spent last week denying there was a problem of very wealthy individuals hiding their assets in New Zealand, when international experts were saying there very clearly is a problem.”

The Green Party has pushing for greater transparency around foreign trusts since 2012. Greater disclosure of the identity of the settlors, their country of residence, the trust’s beneficiaries, and annual financial reporting would help eliminate the abuse of foreign trusts.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Campbell on: the local body election result in Wellington

For obvious reasons, politics is more of a big deal in the capital city than anywhere else in the country. Even so, fewer than four in ten eligible voters bothered to vote in Saturday’s local body elections in Wellington (turnout 39.66%).

Even less was felt to be at stake this time around than in 2016, when 45% of the electorate voted Justin Lester into the mayoralty.

To put it mildly, the Lester-led Council failed to live up to expectations. Lester will be remembered mainly for the fact that somehow, he managed to lose this election. . More>>


Could Do Better: Post-Sroubek Review Of Deportation Info

Ms Tremain acknowledges that the review highlighted some aspects of the process that can be improved and makes five main recommendations to strengthen the existing processes for preparing files for decision-makers. Those recommendations are: More>>


Gordon Campbell: On A New Book On The Leaky Homes Scandal

We all know that journalism is short of cash and under pressure from the speed, brevity and clickbait pressures of the 24/7 news cycle… but hey, given the right subject and a sufficiently stubborn journalist, it can still surpass most of the works of the academic historians... More>>

Regulation: Review Finds NZTA Road Safety Failings

The independent review, carried out by consultant agency MartinJenkins, lists at least 10 reasons for the failures including the agency being focused on customer service at the expense of its policing functions. More>>


Rod Carr: Climate Change Commission Chair-Designate Announced

Climate Change Minister James Shaw has today announced the appointment of Dr Rod Carr as Chair-designate for the Climate Change Commission. More>>


Compliance Complaints: 'Putting Right' Holidays Act Underpayment In Health

The Government is putting right a decade’s worth of underpayment to nurses, doctors and other health workers, says Health Minister Dr David Clark. More>>


IPCA: Disasterous Police Pursuit, Excessive Use Of Dogs

At no stage did Police follow the correct procedure for the commencement of a pursuit... A Police dog handler used his dog to help with the arrest of two of the young people. One suffered injuries resulting in his hospitalisation, and the Authority found that the use of the dog was an excessive use of force. More>>


‘Hard Place To Be Happy’: Report On Youth Residential Care

Children’s Commissioner Andrew Becroft says the report, A Hard Place to be Happy, contains important challenges from children and young people, aged 9 to 17, about their experiences in care and protection residences. “I found this report extremely difficult to read, and I think most New Zealanders would too.” More>>

Africa And Middle East Refugees: 'Family Link' Restriction Removed

The founder of the Double the Quota campaign has applauded the coalition government for Friday’s announcement that a discriminatory policy would be removed. More>>





InfoPages News Channels