There was $199 million of unclaimed money in the Crown's accounts in November last year, Revenue Minister Stuart Nash says. The rightful owners of forgotten funds in institutional accounts will benefit from a new law change that makes it easier for the funds to be returned. Revenue Minister Stuart Nash has introduced an amendment to the Unclaimed Money Act 1971. In the year ending November 2019 Inland Revenue had returned around $2.4m of unclaimed money to its rightful owner. Ross Giblin/Stuff "The Unclaimed Money Act of 1971 has not been substantially updated for more than 40 years", Revenue Minister Stuart Nash says.

Source: Stuff June 26, 2020 08:15 UTC