Light-fingered regulation
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- Date published:
3:23 pm, July 10th, 2012 - 16 comments
Categories: crime, scoundrels -
Tags: legislation, money laundering, regulation
New Zealand-registered shell companies are being used for money laundering, according to Mike Field’s story in today’s DomPost. Here’s a summary:
in the last two years Fairfax Media has exposed hundreds of companies on the Companies Registry used to launder money.
Last week New Zealand shell companies, using an Albany, Auckland, address were key players in a missing US$1.2 billion (NZ$1.5 billion) from the Kyrgyzstan’s largest bank, AsiaUniversalBank, which, like Anglo Irish, had to be nationalised.
New Zealand has been struck off a prestigious European Union banking “white list” because of the ease with which shell companies can be used to launder drug and terrorist money. This came after revelations a Queen Street shell company washed US$680 million of what may have been Russian Mafia money through a Latvia bank.
Earlier this year Fairfax Media revealed another Queen Street company was implicated in a Ukrainian oil rig scandal involving a missing US$150 million. A London based non-profit NGO, Global Witness, last week said New Zealand had become part of the “off-shore” problem and was “a critical link in the ‘supply chain’ for corruption”.
Field goes on to say:
The government has repeatedly said it will tighten company registration to prevent money laundering, but the bill languishes well down on the order list.
The Companies and Limited Partnerships Amendment Bill was introduced to Parliament on 13 October 2011. It is obviously not a priority. The Anti-Money Laundering and Countering Financing of Terrorism Act was passed in 2009. Regulations requiring compliance do not come into force until June 30 2013. No hurry then.
Perhaps that’s why Key’s plan for New Zealand to become an international finance centre has been ditched – another casualty on the road to the brighter future.
Key’s government is big on regulating the behaviour of beneficiaries, but slack when it comes to money-launderers. So much for their beloved light-handed regulation.
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- Government introduces controversial MACA legislation
The Government’s introduction of its interventions in the Marine and Coastal Area (Takutai Moana) Act threatens to throw relations between Māori and Crown into deeper disharmony. ...2 weeks ago
- Release: Gun lobby bill removes regulation at ranges
Gun lobbyist Nicole McKee and her conflict of interest has struck again, this time removing safety regulations from shooting clubs and ranges in New Zealand. ...2 weeks ago
- Release: Govt forgetting the 6000 jobs they’ve cut
The real problem in the public sector is ongoing job losses and cuts to the front line. ...2 weeks ago
- Government undermines public service with WFH crackdown
The Green Party says the Government’s retrograde move to tighten up on Work from Home arrangements is the latest in a series of blows to the Public Service. ...2 weeks ago
- Release: Ministers oblivious to cuts’ effect on families
The National Government is oblivious to the impact cuts to services will have on New Zealanders who are doing the hard yards caring for mentally ill family members. ...2 weeks ago
- Release: Public service set up to fail under National
Nicola Willis has set up the public service to fail to pay for reckless tax cuts for landlords and the tobacco industry. ...2 weeks ago
- Release: Coalition cooking up costly RMA replacement
National continues to dismantle environmental protections in the interests of rushing through unsustainable development that will ultimately cost communities. ...2 weeks ago
- Release: National red-faced as benefit numbers skyrocket
The economy has stagnated and the National Government is having to face the consequences of its atrocious lawmaking, as beneficiary numbers skyrocket past even Treasury’s predictions. ...2 weeks ago
- Release: National allocating police officers not hired yet
There are 104 fewer police officers now than there were when National came into Government. ...2 weeks ago
- Economic decline further cause for tax transformation
Today’s GDP figures combined with the injustice of our tax system will mean more pain for our lowest-income households while those at the top remain relatively unscathed. ...2 weeks ago
- Release: No growth under National, just cuts
The National Government’s decisions have hindered, not helped the economy. ...2 weeks ago
- Govt must act to avoid the worst of NIWA’s climate projections
New climate projections from NIWA underscore how urgently climate action is needed. ...3 weeks ago
- Release: More job losses as Government fails on manufacturing
The Government is failing the manufacturing sector with no plan for its future. ...3 weeks ago
- Ruakākā recreation centre opened
A new multi-purpose recreation centre will provide a valuable wellbeing hub for residents and visitors to Ruakākā in Northland, Regional Development Minister Shane Jones says. The Ruakākā Recreation Centre, officially opened today, includes separate areas for a gymnasium, a community health space and meeting rooms made possible with support of ...1 day ago - Extra Government support for farmers and growers in Southland and parts of Otago
Agriculture Minister Todd McClay, and Rural Communities Minister Mark Patterson announced up to $50,000 in additional Government support for farmers and growers across Southland and parts of Otago as challenging spring weather conditions have been classified a medium-scale adverse event. “The relentless wet weather has been tough on farmers and ...2 days ago
- Government welcomes move to delay EU Deforestation Regulation
Trade and Agriculture Minister Todd McClay today welcomed a move by the European Commission to delay the implementation of the European Union’s Deforestation Regulation (EUDR) by 12 months, describing the proposal as a pragmatic step that will provide much-needed certainty for New Zealand exporters and ensure over $200 million in ...2 days ago
- Response to Ministerial Inquiry into School Property
The Government is taking decisive action in response to the Ministerial Inquiry into School Property, which concludes the way school property is delivered is not fit for purpose. “The school property portfolio is worth $30 billion, and it’s critically important it’s managed properly. This Government is taking a series of immediate actions ...2 days ago
- New Government support for residential construction market announced
The Government has announced a new support programme for the residential construction market while the economy recovers, Housing Minister Chris Bishop and Building and Construction Minister Chris Penk say. “We know the residential development sector is vulnerable to economic downturns. The lead time for building houses is typically 18 ...2 days ago
- New appointment to the EPA board
Environment Minister Penny Simmonds has confirmed the final appointee to the refreshed Environmental Protection Authority (EPA) board. “I am pleased to welcome Brett O’Riley to the EPA board,” Ms Simmonds says. “Brett is a seasoned business advisor with a long and distinguished career across the technology, tourism, and sustainable business ...2 days ago
- Strengthening resilience with critical road improvement projects
The Government has approved a $226.2 million package of resilience improvement projects for state highways and local roads across the country that will reduce the impact of severe weather events and create a more resilient and efficient road network, Transport Minister Simeon Brown says. “Our Government is committed to delivering ...2 days ago
- Doubling road rehabilitation this summer to prevent potholes
Kiwis will see fewer potholes on our roads with road rehabilitation set to more than double through the summer road maintenance programme to ensure that our roads are maintained to a safe and reliable standard, Transport Minister Simeon Brown says. “Increasing productivity to help rebuild our economy is a key ...2 days ago
- Sir Jerry Mateparae appointed in Bougainville post-referendum moderator role
Foreign Minister Winston Peters has welcomed the announcement of Sir Jerry Mateparae as an independent moderator, to work with the Government of Papua New Guinea and the Autonomous Bougainville Government in resolving outstanding issues on Bougainville’s future. “New Zealand is an enduring friend to Papua New Guinea and the ...3 days ago
- Latest census data highlights New Zealand’s growing ethnic diversity
The latest 2023 Census results released today further highlight New Zealand’s growing ethnic and cultural diversity, says Ethnic Communities Minister Melissa Lee. “Today’s census results are further evidence of the increasingly diverse nature of our population. It’s something that should be celebrated and also serve as a reminder of the ...3 days ago
- FamilyBoost payments make ECE more affordable
Parents and caregivers are now able to claim for FamilyBoost, which provides low-to-middle-income families with young children payments to help them meet early childhood education (ECE) costs. “FamilyBoost is one of the ways we are supporting families with young children who are struggling with the cost of living, by helping ...3 days ago
- South Pacific defence meeting fosters collaboration
This week’s South Pacific Defence Ministers’ Meeting (SPDMM) has concluded with a renewed commitment to regional security of all types, Defence Minister Judith Collins says. Defence Ministers and senior civilian and military officials from Australia, Chile, Fiji, France, New Zealand, Papua New Guinea and Tonga gathered in Auckland to discuss defence and security cooperation in the ...3 days ago
- Minister welcomes larger Police recruitment wings
Associate Police Minister Casey Costello has welcomed the Police announcement that recruitment wings at the Police College will be expanded to 100 recruits next year. “This is good news on two fronts – it reflects the fact that more and more New Zealanders are valuing policing and seeing it as ...3 days ago
- Speech to the Minerals West Coast Forum
Introduction Good morning! What a pleasure to be back in the stunning West Coast at one of my favourite events in the calendar. Every time I come back here, I’m reminded of the Coast’s natural beauty, valuable resources, and great people. Yet, every time I come back here, I’m also ...3 days ago
- Positive progress on Government health targets
Health Minister Dr Shane Reti welcomes new data from Health New Zealand, saying it demonstrates encouraging progress against the Government’s health targets. Health New Zealand’s quarterly report for the quarter to 30 June will be used as the baseline for reporting against the Government’s five health targets, which came into ...3 days ago
- Supporting better access to data for Kiwis
The launch of a new data tool will provide Kiwis with better access to important data, Statistics Minister Andrew Bayly says. “To grow our economy and improve productivity we must adopt smarter ways of working, which means taking a more data driven approach to decision-making. “As Statistics Minister one of ...4 days ago
- Progressing remote building inspections
The Government is progressing plans to increase the use of remote inspections to make the building and consenting process more efficient and affordable, Building and Construction Minister Chris Penk says. “We know that the building and construction sector suffers from a lack of innovation. According to a recent report, productivity ...4 days ago
- PPTA accepts charter schools
Associate Education Minister David Seymour welcomes the PPTA putting a proposal to members at its annual conference to change its constitution and allow membership of teachers who work in charter schools. “The PPTA has had a come to Jesus moment on charter schools. This is a major departure from the ...4 days ago
- New TAIC Chief Commissioner appointed
David Clarke has been announced as the Chief Commissioner of the Transport Accident Investigation Commission (TAIC). David Clarke is a barrister specialising in corporate and commercial law and he has over 20 years experience in governance roles in commercial, public and charitable sectors. He also is a current TAIC Commissioner. ...5 days ago
- Government secures market access for blueberries to Korea
The Government has secured market access for New Zealand blueberries to Korea, unlocking an estimated $5 million in annual export opportunities for Kiwi growers Minister for Trade and Agriculture Todd McClay today announced. “This is a win for our exporters and builds on our successful removal of $190 million in ...5 days ago
- South Pacific Defence Ministers meet in Auckland
Partnership and looking to the future are key themes as Defence Ministers from across the South Pacific discuss regional security challenges in Auckland today, Defence Minister Judith Collins says. The South Pacific Defence Ministers’ Meeting (SPDMM) brings together Defence Ministers, Chiefs of Defence and Secretaries of Defence from New Zealand, ...5 days ago
- Keytruda, CGMs, and FamilyBoost welcomed
In a triple whammy of good news, 1 October heralds the beginning of the funding of two major health products and a welcome contribution to early childhood fees, Prime Minister Christopher Luxon says. “Keytruda is the first drug to be funded and made available from the $604 million boost we ...5 days ago
- Children’s Unit opens at Rotorua Hospital
Health Minister Dr Shane Reti today opened the refurbished Children’s Unit at Rotorua Hospital, which will provide young patients and their families in the Lakes District with a safe, comfortable and private space to receive care. “The opening of this unit is a significant milestone in our commitment to improving ...5 days ago
- Minor variations no longer major problem
It is now easier to make small changes to building plans without having to apply for a building consent amendment, Building and Construction Minister Chris Penk says. “Previously builders who wanted to make a minor change, for example substituting one type of product for another, or changing the layout of ...5 days ago
- New diplomatic appointments
Foreign Minister Winston Peters has today announced seven diplomatic appointments. “Protecting and advancing New Zealand’s interests abroad is an extremely important role for our diplomats,” Mr Peters says. “We are pleased to announce the appointment of seven senior diplomats to these overseas missions.” The appointments are: Andrew ...5 days ago
- SuperGold Information Hub live
The first iteration of the SuperGold Information Hub is now on-line, Minister for Seniors Casey Costello announced today. “The SuperGold Hub is an online portal offering up-to-date information on all of the offers available to SuperGold cardholders. “We know the SuperGold card is valued, and most people know its use ...5 days ago
- New fund to clean up old landfill and dump sites
A new Contaminated Sites and Vulnerable Landfills Fund will help councils and landowners clean up historic landfills and other contaminated sites that are vulnerable to the effects of severe weather, Environment Minister Penny Simmonds says. "This $30 million fund, part of our Q4 Action Plan, increases the Government’s investment in ...5 days ago
- Increased medicines access welcomed following budget boost
Associate Health Minister with responsibility for Pharmac David Seymour has welcomed the increased availability of medicines for Kiwis resulting from the Government’s increased investment in Pharmac. “Pharmac operates independently, but it must work within the budget constraints set by the Government,” says Mr Seymour. “When our Government assumed office, New ...5 days ago
- Foreign Minister completes successful week of international engagements
Foreign Minister Winston Peters today wrapped up a week of high-level engagements at the United Nations in New York and in Papeete, French Polynesia. “Our visit to New York was about demonstrating New Zealand’s unwavering support for an international system based on rules and respect for the UN Charter, as ...6 days ago
- Final 2024 Action Plan focused on infrastructure
The Government’s Quarter Four (Q4) Action Plan will be focused on making it easier and faster to build infrastructure in New Zealand as part of its wider plan to rebuild the economy, Prime Minister Christopher Luxon says. “My Government has been working at pace to get the country back on ...6 days ago
- Four new laws to tackle crime passed in Q3
New Zealanders will be safer as a result of the Government’s crackdown on crime which includes tougher laws for offenders and gangs delivered as part of the Quarter Three (Q3) Action Plan, Prime Minister Christopher Luxon says. “I’m proud to say we have delivered on 39 of the 40 actions ...6 days ago
- Government partnership boosting vineyard productivity
The Government is backing a new world-leading programme set to boost vineyard productivity and inject an additional $295 million into New Zealand’s economy by 2045, Agriculture Minister Todd McClay today announced. The Next Generation Viticulture programme will transform traditional vineyard systems, increasing profitability by $22,060 per hectare by 2045 without ...6 days ago
- Strong support for NZ minerals strategy
Over 90 per cent of submissions have expressed broad support for a New Zealand minerals strategy, indicating a strong appetite for a considered, enduring approach to minerals development, Resources Minister Shane Jones says. A summary of the 102 submissions on the draft strategy has been published today by the Ministry ...6 days ago
- Snapper catch limits up, orange roughy down
Catch limits for several fisheries will be increased following a review that shows stocks of those species are healthy and abundant. The changes are being made as part of Fisheries New Zealand’s biannual sustainability review, which considers catch limits and management settings across New Zealand’s fisheries. “Scientific evidence and information ...1 week ago
- Reforming the building consent system
The Government is investigating options for a major reform of the building consent system to improve efficiency and consistency across New Zealand, Building and Construction Minister Chris Penk says. “New Zealand has some of the least affordable housing in the world, which has dire social and economic implications. At the heart ...1 week ago
- Cost-benefit analysis for potential third medical school completed
The Government has announced that an initial cost-benefit analysis of establishing a third medical school based at the University of Waikato has been completed and has been found to provide confidence for the project to progress to the next stage. Minister of Health Dr Shane Reti says the proposal will ...1 week ago
- Government delivers sensible approach to speed limits
The Government’s new speed limit rule has today been signed to reverse Labour’s blanket speed limit reductions and enable Kiwis to get to where they want to go quickly and safely, Transport Minister Simeon Brown says. Reverse Labour’s blanket speed limit reductions on local streets, arterial roads, and state highways ...1 week ago
- Minister to meet with Pacific Island climate leaders
Climate Change Minister Simon Watts is travelling to Fiji on Monday to attend a Ministerial Meeting (Talanoa) with Pacific Island Countries, Australia, and New Zealand. “Attending the Talanoa will reinforce New Zealand’s commitment to supporting climate resilience in the Pacific and advancing action in the areas of climate change,” Mr ...1 week ago
- Human rights recommendations accepted
The Government is accepting the majority of human rights recommendations received at the fourth Universal Period Review in Geneva, Justice Minister Paul Goldsmith says. “We have considered all 259 recommendations from the United Nations. We are supporting 168 and partially supporting 12 of these recommendations. “Recommendations related to women’s rights, ...1 week ago
- Geotech work begins on Warkworth to Te Hana Road of National Significance
The Government is continuing to move at pace on the Northland Expressway, with significant geotechnical investigations now underway for phase one from Warkworth to Te Hana, Transport Minister Simeon Brown says. “With thousands of motorists and freight travelling through Northland, we’re focused on delivering for this region to grow our economy. ...1 week ago
- An Ode to .. Du Val
Temporary SetbackLord Kenyon and Lady Charlotte walk down the rampOf their magenta and lime green hot air balloon Hubris,In matching Polar Bear fur coats, wraparound shadesEncrusted with diamonds, and a hundredweightOf subtle and discreet chunky gold accessories.At the bottom of the ramp, a squad of burly Bailiffs wait.“What ho, good ...7 hours ago - Health NZ deputy commissioners being paid $200k a year in fees
The three deputy commissioners are trying to turn the public health system around. ...8 hours ago - What’s next for Lebanon and the Middle East?
A new war in Lebanon has begun, but a dual focus on sub- and trans-national dynamics is required to understand what might come next in the Middle East.Starting with the trans-national matters. On ‘April Fools Day’ this year a region-wide game of cat and mouse began between Israeli and Iranian ...9 hours ago
- Fresh Rangers on fast-track to football No.1
Stuck on the wall in the women’s changing room at the West Coast Rangers Football Club is the catchphrase: It means more here.It personifies what it means to players to belong to a club in Auckland’s north-west that’s just three years old, but already has a team who’ve fought their ...1 day ago
- One for the language lovers
Inspired by a dictionary’s survey of its online followers, The Detail gathers three professional word-workers to nominate the best and worst of language and the traps of faux erudition, cliche, neuron-breaking elaborate prose, and journalese.Alexia Russell chats with two editors, one who banned overused words and another who makes it ...1 day ago
- The Secret Diary of .. the Labour Gang
MONDAYA cold wind came down from the mountain range of the Sierra Thorndons and swept through the empty main street of Labour City.It had been the exact same weather for over a year.A few old-timers remembered a time of golden weather. Sometimes they thought they might only have dreamt it ...1 day ago
- ‘Primary school LOTR’: The principal giving Peter Jackson a run for his money
Alex Casey meets the Southland principal who wrote and directed a feature length fantasy epic starring the whole school. Ask a primary school principal how many feature films they’ve made, and most will say zero. Ask Steve Wadsworth, principal of Winton School in Southland, and he will say not one, ...1 day ago - ‘I can’t believe we’re doing this’: John Campbell on his proudest TV moments
The award-winning broadcaster and journalist looks back on his life in television, featuring early morning All Blacks games, his love for The Repair Shop and why he’s turning into his parents. John Campbell doesn’t remember his first ever appearance on television. “Funny, eh?” the broadcaster chuckles over the phone. All ...1 day ago
- The breath out: Kataraina by Becky Manawatu, reviewed
Jenna Todd responds to Kataraina, the sequel to Becky Manawatu’s award-winning first novel Auē. This review contains major spoilers for Auē. Many years after the girl shot the man. I’d almost forgotten who had shot the man in Auē, winner of the Jann Medlicott Acorn Foundation Prize for Fiction in 2020. ...1 day ago
- ‘I am the dancing queen!’: Matthew Young and Jared Frost’s perfect weekend playlist
Big Fan mentor Matthew Young and mentee Jared Frost share their perfect weekend playlist. Breaking into the music industry is no easy feat, but it makes a difference when you have someone who can guide you through the distortion. At Auckland’s Big Fan, a live venue and recording studio, programmes ...1 day ago
- Podcast: Is our retirement system unsustainable?
Treasury’s chief economic adviser, Dominick Stephens, believes the government’s tax, health and pension settings are untenable in the long term. Something’s got to give, he tells Bernard Hickey on The Spinoff’s economics podcast When the Facts Change. New Zealand’s ageing population is about to give the government’s finances a ...1 day ago
- The Weekend: Is Wellington really ‘gayer’ than Auckland?
Anna Rawhiti-Connell reflects on the week that was. As a teenager in the mid to late 90s, I vividly remember a statistical “urban legend” doing the rounds. “15% of the population is gay, so… [insert number based on how many people were in the classroom] must be gay.” I have ...1 day ago
- Missing metal: On language and identity
An elder scolded me for my inability to speak Cantonese: ‘You must learn.’ My father heard my elder’s words and said nothing. My shame was as much his as it was mine. I have three missed calls from my mother. When I finally call her back, she doesn’t even greet ...1 day ago
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Source: The Conversation (Au and NZ) – By Kerry Brown, Professor of Employment and Industry, School of Business and Law, Edith Cowan University NT_Studio/Shutterstock Should young people be paid less than their older counterparts, even if they’re working the same job? Whether you think it’s fair or not, it’s ...2 days ago - Rocky Road: The Rock In The Hill A Quarry Really, Really Wants To Get Out
A quarry has tried repeatedly to crack a permanent protection to get more rock out of a mountain. Now, it's turning to the 'Fast-track' law. ...2 days ago - New video shows sharks making an easy meal of spiky sea urchins, shedding light on an undersea myste...
Source: The Conversation (Au and NZ) – By Jeremy Day, PhD researcher, University of Newcastle Author provided Long-spined sea urchins have emerged as an environmental issue off Australia’s far south coast. Native to temperate waters around New South Wales, the urchins have expanded their range south as oceans warm. ...2 days ago
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Benjamin Nevell made his submission against the Crown Minerals Amendment Bill while wading through flooding Dunedin ...2 days ago
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You really won’t guess how it ends. Parliament’s Economic Development, Science and Innovation committee today heard public submissions on its controversial Crown Mineral Amendments Bill. That’s the proposed law, explained Gabi Lardies earlier this week, that would see the previous government’s ban on new oil and gas exploration overturned. The ...2 days ago
- Down and under pressure: US and UK artists are taking over Australian charts, leaving local talent b...
Source: The Conversation (Au and NZ) – By Tim Kelly, PhD Candidate, University of Technology Sydney Shutterstock Missy Higgins’ recent ARIA number-one album, The Second Act, represents an increasingly rare sighting: an Australian artist at the top of an Australian chart. My recently published analysis of Australia’s best-selling singles ...2 days ago
- Google threatens to stop linking to NZ news sites if bill passes
It's unhappy with the Fair Digital News Bargaining Bill, which would force tech giants to pay news organisations for their content. ...2 days ago
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Source: The Conversation (Au and NZ) – By Sara Webb, Lecturer, Centre for Astrophysics and Supercomputing, Swinburne University of Technology Greg Rakozy/Shutterstock What does the edge of the universe look like? Lily, age 7, Harcourt What a great question! In fact, this is one of those questions ...2 days ago
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People in our community are worried about their property and possessions as the water rises, and for this we raise the alarm. This is what climate change looks like - more frequent and severe weather, storms, and flooding,” said spokesperson Annabel ...2 days ago
- ADHD prescribing has changed over the years – a new guide aims to bring doctors up to speed
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- NSW will remove 65,000 years of Aboriginal history from its syllabus. It’s a step backwards for ed...
Source: The Conversation (Au and NZ) – By Michael Westaway, Australian Research Council Future Fellow, Archaeology, School of Social Science, The University of Queensland The NSW Education Standards Authority has announced that teaching of the Aboriginal past prior to European arrival will be excluded from the Year 7–10 syllabus as ...2 days ago
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- International Condemnation Of NZ Charter Schools Law
Bea Bruske, president of the Canadian Labour Congress, told the Ministers that ‘your lack of support for the workers of the PPTA who provide so much to their students shows a lack of leadership on your part. ...2 days ago
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- Daylight savings is about to start. But why do the days get longer?
Source: The Conversation (Au and NZ) – By Laura Nicole Driessen, Postdoctoral researcher in radio astronomy, University of Sydney Kasper Lyngby/Shutterstock The days are getting longer and in Australia, the switch to daylight saving time is almost upon us (for about 70% of the population, anyway). But why ...2 days ago
- More than 50,000 property investors making losses
Information released under the Official Information Act shows that there were 53,350 taxpayers who reported negative rental income in the 2023 tax year. ...2 days ago
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“These recent figures highlight the financial mismanagement that occurs at Health New Zealand. With news like this, taxpayers are absolutely in their right to demand answers. ...2 days ago
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Not so long ago it was an essential tool to aid in the struggles of coming of age. Now less than a third of New Zealand households still have a landline telephone. On Thursday morning at 10.45, a thrill buzzed in the air, possibly only detectable by journalists. Another tranche ...2 days ago
- Government to shake-up ‘bureaucratic and inefficient’ school property system
"Schools were consistently critical of a lack of transparency and unclear prioritisation of projects," a ministerial inquiry has found. ...2 days ago
- Government to temporarily underwrite new housing developments
The Housing Minister says the plan would lower the risk for developers and ensure houses were ready for buyers to enter the market as interest rates drop. ...2 days ago
- What is bankruptcy?
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Source: The Conversation (Au and NZ) – By Timothy Graham, Associate Professor in Digital Media, Queensland University of Technology AlexandraPopova/Shutterstock For almost a decade, researchers have been gathering evidence that the social media platform Facebook disproportionately amplifies low-quality content and misinformation. So it was something of a surprise ...2 days ago
Is “light fingered regulation” where the middle finger extended vertically, the other fingers clutched in a ball and the back of the hand presented to the country?
Neo conmanKey all washed up in money laundering.Would you trust an investment banker.
More scandal in UK Tory party as Osborne Caught himself lying.
The key differences between the two groups:
1.) Beneficiaries are poor and the NACTs don’t know them or want to know them
2.) The money-launderers are rich and the NACTs know them or want to know them and want to be just like them (there’s the true politics of envy).
NZ has been the easiest place to start a business for the past decade or more, and nothing has really changed in that respect across the last change of government.
http://www.doingbusiness.org/rankings/
Having started a business in NZ and other highly ranked countries I can see why. NZ is super-lax on proof of identity, proof of beneficial ownership, etc. It is also pretty lax on enforcement and penalties.
NZ has no national identification scheme and these have been roundly rejected. You don’t need a passport or drivers license to start a business. If you can’t enforce identity proof for locals then it is wide open for everyone else.
The last government used to crow about this ranking whenever they received criticism about being anti-business.
Now it is a bad thing, apparently. Contrast with:
http://thestandard.org.nz/setting-up-business-were-prize-winners/
http://thestandard.org.nz/new-zealand-a-great-place-to-do-business/
etc.
Its a fundamental misunderstanding of what it takes to drive a powerful economy. Availability of capital, expertise and access to networks of influence and SME peers are key.
Being able to register a legal company in 5 minutes is unimportant in comparison.
Indeed. Its actually an additional tax to set up business relationships when you have to check who you are working says they are. Light regulation is as much a deterrent to business as too much.
Too little quality and lots of quantity is a tax on your complaints department. Only an accountant PM, who free loads off confidence provided due to double entry accountancy, could insist he has the rest of the economy running well. He’s going to get us back to balance!!! Anyone who calls themselves a capitalist, or a business person, isn’t at all interested about getting back to balance, they’re interest in substantive matters like the cost of doing business being prohibitively high in NZ.
The risk premium. The lax standards of government. Rubber stamping, looking active, shifting assets ownership around, all just lazy wasters on the tax payer dollar. The biggest bludgers are the National party cabinent.
Requiring a driver’s licence or passport to register a business would not slow the process down in most legitimate cases but it would make it much more secure. I don’t see why we can’t have a little of both.
Requiring at least one director and the company secretary to be NZ residents would be a start. That, together with a little more regulation and a lot tougher criminal penalties for breaking the rules would also help.
Ah, but that would be against the free-market principals of allowing foreign ownership.
Not at all. Director does not mean shareholder, just someone who is legally accountable and with fiduciary responsibility to the company. Someone to put before a court.
It’s not a tall order at all – if you really do want to have a company in NZ.
Being able to register a legal company in 5 minutes is unimportant in comparison.
I totally agree with that, and that’s what I always thought when “easiest place to start a business” was trotted out over the past decade or so.
My points were (implicitly):
1. The likely connection between “ease of starting a business” and NZ shell companies being used for shady dealing.
2. That “ease of starting a business” was never (to my recollection) a bad thing during the past government tenure.
Yes, the whole “ease of starting a business” thing is mostly meaningless – unless you are at the bottom of the ranking. It is what happens after that that is important.
Add some tough identity checks and accounting regulations. No argument there.
The City of London being the home to the financial industry almost completely deregulated, is simply extended to the little outpost of NZ.
Why would it be any surprise!
Yves Smith at Naked Capitalism has been writing about NZ as a rogue financial state..
http://www.nakedcapitalism.com/2012/06/new-zealand-not-another-rogue-company-incorporator-surely-no-two-actually.html
http://www.nakedcapitalism.com/2012/06/new-zealand-reserve-bank-gesticulates-at-pseudobanks-run-by-offshore-directors-and-registered-by-offshore-company-agents.html
http://www.nakedcapitalism.com/2012/06/new-zealands-savings-loans-companies-not-like-any-banking-industry-youve-ever-seen-before.html
http://www.nakedcapitalism.com/2011/09/new-zealand-where-health-scam-companies-get-stock-exchange-listings.html
You guys really, really don’t get it do you?
John Key has done exactly what he set out to do. He allowed this country to become a financial centre of massive proportions. Just not the centre you would want but one which the Banksters desperately needed.
The bankers are the biggest drug dealers of them all and were getting caught left right and centre and were having to pay huge fines. They needed a place to launder their money and were the muppets were stupid and naive enough to think the slow attempt at regulation was just a bit of a lapse from their otherwise honest government.
In fact it has just come out two days ago that Bank of America in which John Key has most of his paper wealth in shares was laundering big money for the same Mexican drug lords as Wells Fargo in the previous link.
John Key is a criminal banker connected to the most criminal banks and does their bidding every which way they tell him too. Even Roubini is calling for the banksters to be strung up in the street, and he is as mainstream as they come.
Only one country in the world still looks at the banking world as a righteous industry and that is New Zealand. The rest of the world is getting ready to throw them of a cliff see here, here, here, here and here.
The last link, about a Dutch pension fund to sue Goldman Sachs about LIBOR should worry you greatly because the Cullen Fund had a Merrill Lynch “wealth” manager/investment banker (i.e. Derivatives peddler) on its initial board of Guardians. Talk about having the fox in the hen house!
Ev, most people don’t want to “get it”, it would shatter their illusions about all which they believe to be how the world “functions”
Sadly the “not getting it” is allowing the rot to continue, and it will get worse, should people not man up, and take back what they have, and are losing each day.
The banking fraud is the one of the largest conspiracies of all time (certainly the worst financial conspiracy ever known), and its been so very easy to see coming, understand what is happening, and thus smelling John key, the minute he turned up in NZ politics.
People will get what they allow to happen to them, the sad part is that those who know, and try to spread info, in the desire to get more people “up to speed”, so that hopefully critical numbers can be reached, get to go largely the same route, as those who want to use silly name calling, and ignore whats goin on.
Maybe we get our country back, maybe we dont…
Those who refuse to get their head out the sand, are part of the problem, they could well be part of the solution, if only they pulled it out!
Odious Debt comes to mind!