NZ director rules face review in wake of scandals

There are concerns New Zealand has been a link in the chain for money-laundering.

There are concerns New Zealand has been a link in the chain for money-laundering.

More people could be barred from being company directors as the Government seeks to improve New Zealand’s tarnished reputation for clean business.

Commerce Minister Kris Faafoi released a discussion paper on Tuesday that – as expected – canvasses a new publicly-searchable register of company ownership.

He also confirmed a statement from the Ministry of Business, Innovation and Employment (MBIE) that the rules setting out who could be a company director might be tightened.

The changes are being considered in the wake of concerns raised by the Mossack Fonseca and Panama Papers media investigations that Kiwi companies and trusts had been a link in the chain in foreign money-laundering schemes.

New Zealand was “not a major centre for financial crime” but it was not immune, with Police estimating $1.35 billion

... read more at: https://www.stuff.co.nz/business/industries/104791152/nz-director-rules-face-review-in-wake-of-scandals