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Mossack Fonseca quits NZ

NZ Newswire logoNZ Newswire 2/03/2017

Mossack Fonseca, the company that was at the centre of the Panama Papers scandal, is reported to have quit New Zealand.

It set up numerous foreign trusts here and details of them were revealed among the millions of documents leaked last year.

Since then the government has tightened the rules around foreign trusts, making New Zealand a less attractive destination.

Mossack Fonseca deregistered its local company in August, RNZ reports.

The lawyer who was its agent, Roger Thompson, says his firm is no longer providing services for Mossack Fonseca and he isn't aware that it is active in New Zealand.

Foreign trusts are legal but they can be used to hide wealth from tax authorities, and for money laundering.

After the papers were leaked there was an international investigation into Panama-based Mossack Fonseca's activities and the heads of the law firm are in custody.

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