Wednesday, February 22, 2017
Mark J. Bennett published an Article entitled, Implications of the Panama Papers for the New Zealand Foreign Trusts Regime, 21 NZ Assoc. Comparative L. Yearbook 27 (2015). Provided below is an abstract of the Article:
This article discusses the implications of the Panama Papers for the legal requirements concerning the disclosure of information and documents relating to offshore financial planning under the New Zealand foreign trust regime. It first identifies the nature of New Zealand foreign trusts (NZFTs) through an outline of our laws of trusts and foreign taxation. It then focusses on the current requirements for disclosure of information relating to NZFTs to authorities in New Zealand and in foreign jurisdictions, the reasoning of the Inquiry into NZFTs, and the Government's response to the Inquiry's recommendations. Finally, it briefly places the Report's conclusions in the context of the submissions it received and the wider international shift to greater transparency of financial information.