In 2021 the Financial Action Task Force (FATF) released a mutual evaluation review on New Zealand which highlighted its deficiencies in the anti-money laundering regulatory framework and the lack of transparency on beneficial ownership information. Following this, the government worked on a proposal that also involves the introduction of a public beneficial ownership register, the corresponding Bill will is expected to be introduced to parliament in late 2022.
The proposal aims at gathering information companies’ directors, partners of limited partnerships and beneficial owners. Furthermore, It is to be noted that reporting requirements will involve any individual or entity with the right to exercise significant control over the activities of a trust.
The information to be recorded and publicly available in the Companies registrar will include:
• full legal name
• date and base of becoming a beneficial owner or date of appointment
• address for service and chains of beneficial ownership
• percentage of ownership in the entity
• voting rights
• powers of appointment and removal
• any significant influence or control over the entity
Other details such as date of birth, email address and corporate information of other entities the person is a beneficial owner of will be on a non-public corporate role-holder register and government agencies and AML-reporting entities may be able to access further information.