New bill will be introduced by year-end in New Zealand
Earlier this week, it was announced that a bill will be introduced by year-end in New Zealand to increase the transparency of company beneficial ownership. The bill aims at fighting money laundering, tax evasion and the financing of terrorism. Companies and limited partnerships will be required to determine who their beneficial owners are, to obtain high-level information about them, and to provide that information to the Companies Register. The information will be made publicly available. A transitional period (ranging from 6 to 18 months) will be provided to companies, limited partnerships, directors, general partners and beneficial owners to meet the new obligations.
According to the bill, a unique identifier number will be assigned not only to all beneficial owners but also to directors and general partners of limited partnerships. The unique identifier could take the form of a number, certificate, or digital code and in that way the individual’s involvement in different corporate entities can be linked and tracked over time. The bill will be introduced by the end of 2022, after the end of a consultation period.