Bryce Edwards: Bouquets and brickbats for the Government’s move against corruption

The Government has announced that it will legislate to force greater transparency around the ownership and control of private companies in New Zealand. This is a positive move that will help the fight against domestic corruption, money laundering, tax evasion, and the general use of New Zealand as a haven to hide the money of foreign oligarchs.

Commerce Minister David Clark announced yesterday that Cabinet has agreed to introduce legislation to establish a public register of the “beneficial ownership of companies”. This will require the accurate listing of who really owns and controls businesses here. And it will involve some strong compliance measures.

This is a real blow to wealthy vested interests attempting to keep any riches and ill-gotten gains secret from the public. Corporate New Zealand is being made to tidy up its act.