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Foreign trust law changes

NZ NewswireNZ Newswire 13/07/2016

MAIN CHANGES THE GOVERNMENT WILL MAKE TO FOREIGN TRUST LAWS

* A register of foreign trusts, searchable only by regulatory agencies, will be set up

* IRD must be given details of non-resident trustees and beneficiaries

* Foreign trusts must file an annual return with IRD

* There will be stronger rules around the reporting of "suspicious transactions"

* There will be a review of information-sharing between agencies

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