Foreign trusts report positive

Foreign trusts report positive

The Shewan Report (Government Inquiry into Foreign Trust Disclosure Rules) recommends sensible additional rules to maintain New Zealand’s reputation, says BusinessNZ.

BusinessNZ Chief Executive Kirk Hope says the report acknowledges that New Zealand is a desirable place to do business because of the integrity of our institutions and professionals, and addresses factors that could compromise that reputation.

"The report’s recommendations - including a register of trusts searchable only by regulatory agencies, requirements for compliance with relevant Acts, more disclosure to the IRD, and more requirements to guard against money laundering practices - are positive for achieving strengthened foreign trust rules and maintaining New Zealand’s reputation for integrity," Mr Hope said.

ENDS

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