REFILE-New Zealand extends anti-money laundering rules to capture property…

(Amends byline to Lynch)

By Charlotte Greenfield and Nathan Lynch

SYDNEY/WELLINGTON, Sept 16 New Zealand will
extend its anti-money laundering laws to cover real estate
agents and other professions amid fears the country has become a
soft target for illegal fund flows that have also helped inflate
the property market.

Soaring property prices have become a hot issue among the
New Zealand public and there are concerns that laundered money
has fuelled the boom. The opposition Labour Party has also
raised concerns about the amount of money coming from Chinese

Political pressure was placed on the government this year to
combat money laundering after the release of the Panama Papers
in April, which showed how offshore companies often tout New
Zealand trusts as a way to create a secretive un-taxed vehicle
in the South Pacific nation.

New Zealand’s

... read more at: