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New Zealand announces new plan to quash organized crime


13:14, August 23, 2011

WELLINGTON, Aug. 23 (Xinhua) -- The New Zealand government Tuesday unveiled proposals to combat organized crime, including plans to crack down on corruption and to tighten regulations on establishing companies and trusts.

Justice Minister Simon Power and Police Minister Judith Collins said in a report titled "Strengthening New Zealand's Resistance to Organised Crime, an All-of-Government Response" that different government agencies must work more closely in dealing with the problem.

The report aimed to create safer communities, make New Zealand a trusted international partner in fighting crime, and increase confidence in the country's markets.

Over the past five years, New Zealand agencies had been advised of cases of serious offending abroad, involving around 150 New Zealand registered companies, said the report.

The Reserve Bank of New Zealand had identified around 1,000 New Zealand registered companies and limited partnerships potentially involved in financial frauds overseas.

Experience suggested the use of criminal "front" companies was internationally prevalent, with a "global market for shell companies provided through trust and company service providers," it said.

Legislation was underway to require New Zealand companies to either have a New Zealand resident director or a resident agent and to improved abilities to de-register registered companies and limited partnerships for overseas criminality.

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