REFILE-New Zealand foreign trusts open to abuse, more disclosure needed, says review

June 27, 2016 5:02 AM

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WELLINGTON, June 27 New Zealand's foreign trusts are vulnerable to abuse and requirements to disclose the identity of foreigners setting up trusts should be ramped up, said a review of the trusts commissioned the government after the Panama Papers.

New Zealand regulators should make a registry of foreign trusts and require the name, country of residence and tax identification number of settlors and beneficiaries of the trusts, said the review which was released on Monday.

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