Alongside endangered birds, abnormally large sheep and – in the popular imagination – hairy-toed hobbits, New Zealand is a haven for another curious specimen: the illicit flow of offshore finance. The world’s fraudsters and tax dodgers channel funds through the Pacific island nation at a rate quite at odds with its squeaky-clean, highly ethical global image.
New Zealand’s latest attempt to make reality match reputation came late last month, as the commerce minister, David Clark, pledged to introduce a publicly accessible register that would list the true (“beneficial”) owners of New Zealand-based companies. Such a move would represent a form of catch-up – Britain has had one since 2016 – and has long been urged by global bodies such as the Financial Action Task Force (FATF).
