Review of foreign trust laws likely – Key
PM shifts stance; says he'll take proposal to the cabinet today.
Hot Topic
Hawke’s Bay
See also: Political Week ahead: The myth of trusts
Prime Minister John Key has shifted his stance on foreign trusts.
Last week, he rebuffed opposition parties' call for a tightening of the rules, saying New Zealand was not a tax haven.
This morning, Mr Key said he was taking a review proposal to the cabinet, and would not rule out tighter rules on foreign trusts.
"It's highly likely, I think, that the government will ask an expert in this area to undertake an independent review – just for good order," the PM told RNZ this morning.
"Of course, there may well (be), outside even of that independent review, in terms of disclosure ... it's possible that there'll be other 'learnings' that come out of these papers."
Over the weekend, Peter Bale – the Kiwi who heads the head of the Center for Public Integrity, which leaked the so-called Panama Papers, said more files will be released, and that he is "certain" they will include the names of New Zealanders and New Zealand entities.
Mr Key, whose investments are held in a blind trust, told RNZ he did not know if his name would appear in Panama Papers to come.
"I'm quite comfortable and very confident of my tax record," he said.
He reiterated that the law had already been changed in 2006 amending disclosure provisions, the government had brought in anti-money laundering legislation and requirements for a shell company to have a New Zealand trustee.
Mr Key is due to hold a post-cabinet press conference around 4pm.
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Review of foreign trust laws likely – Key
57180