The New Zealand government has accepted recommendations, made by an independent review of foreign trusts, to expand disclosure and reporting requirements (with some modifications) by foreign trusts.
Legislation is to be introduced in August 2016 to require New Zealand foreign trusts to comply with enhanced disclosure requirements. Under the proposal, existing New Zealand foreign trusts would have until 30 June 2017 to comply with the enhanced requirements. Annual returns would need to be provided from the year commencing 1 April 2017. The government also intends to establish a register of New Zealand foreign trusts that would be searchable, initially, by the Department of Internal Affairs and the police.
Another recommendation by the independent review concerns measures to apply the anti-money laundering rules to lawyers and accountants, by regulations that would remove the current reporting exemption. The government has indicated that this could only be achieved by means of legislation, that is now expected to be pass in the first half of 2017.
Read a July 2016 report [PDF 571 KB] prepared by the KPMG member firm in New Zealand: NZ foreign trust inquiry recommendations accepted
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