The opposition Labour party is calling for a public register of assets and their beneficiaries, which could lead to an exodus from the industry as the mega wealthy seek to protect their privacy. Reporting requirementsAs well as pushing for a public register, Labour wants the government to expand reporting requirements aimed at curtailing money laundering to include lawyers, accountants and real estate agents. New Zealand’s High Court last month ruled Jho Low’s relatives can replace the Swiss trustees holding the assets. The combination of the new local and global rules will make it "very much harder" for foreigners to use New Zealand trusts to avoid or evade tax, according to Littlewood. "I think it’s likely that, faced with beefed up disclosure requirements, most of these trusts will leave New Zealand or be wound up."

Source: The Edge Markets February 09, 2017 08:32 UTC