NZBA supports considered approach to inquiry recommendations

The New Zealand Bankers’ Association (NZBA) supports the Government’s announcement today that it will take a considered approach to implementing recommendations on anti money laundering legislation, which were highlighted in its Inquiry into Foreign Trust Disclosure Rules.
“Banks already play their part in complying with domestic and international legislative requirements, and can attest that a considered approach works to achieve the best possible outcome in the fight against money laundering,” said New Zealand Bankers’ Association chief executive Karen Scott-Howman.
“This report encourages increased transparency in the professional and financial services sectors. This would also further align New Zealand with international best practice.”

Furthermore, NZBA said the recommendations delivered by the report that seek to strengthen international tax rules are to be welcomed.
“The report’s proposed strengthening of disclosure requirements for foreign trust accounts should minimise the likelihood of tax evasion and money laundering, and enable New Zealand to further protect its global reputation,” Scott-Howman added.