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Transparency NZ disappointed with 'narrow' foreign trusts inquiry

( May 6, 2016, 05:06 GMT | Insight) -- Transparency International New Zealand says the scope of the government’s inquiry into foreign trusts is too limited to address the fundamental risks of international corruption and financial crimes that could affect the country’s companies and trusts, Stuff reports. Transparency International New Zealand says the scope of the government’s inquiry into foreign trusts is too limited to address the fundamental risks of international corruption and financial crimes that could affect the country’s companies and trusts, Stuff reports. Prime Minister John Key appointed tax expert John Shewan to head an examination of foreign trusts’ disclosure rules on enforcement, record keeping and information exchanges among tax jurisdictions following the Panama Papers leak in April. Transparency International said the inquiry should build on existing policy work, and that the Anti-Money Laundering and Countering Financing of Terrorism Act should be expanded to cover all professionals working with “corporate vehicles.” ...

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