ASIC targets Westpac over alleged rate rigging, APRA's Byrers on funding, TLAC, capital & risk culture, NAB fees settlement, Fitch wary of conduct issues, Turnbull hits out, the Panama Papers

No NZ journalists have access to the so-called Panama Papers at this stage. There has, however, been another story in the AFR about NZ stemming from their access to the Mossack Fonseca information. (Available to those who subscribe to the AFR). Here's what Labour has said about it;

New info shows ‘very weak’ NZ laws help tax evasion

New revelations about just how easy New Zealand’s ‘very weak’ laws make tax evasion put the lie to John Key’s repeated claims that we are not a tax haven, Leader of the Opposition Andrew Little says.

“John Key has been claiming all week that New Zealand’s tax laws are robust and that we are not being used as a tax haven, but new revelations from the Panama Papers show he has got it dead wrong.

“According to new information in the Australian Financial Review today, senior figures in the Maltese government were easily able to hide money in New Zealand trust accounts in order to dodge their tax obligations. 

“Excerpts from the leaked documents show just how easy New Zealand’s law makes the process – with staff at Mossack Fonseca, the company at the centre of the scandal, being told that ‘NZ has very weak laws in regard to due diligence; they only require utility bill and passport.’ 

“The leaked papers also see advice that ‘The New Zealand definition of 'beneficial owner' is different to that of many other jurisdictions’ making it easier to hide who benefits from the trusts.  

“The papers also see discussion and haggling over ‘combo packs’ – a combination of trusts and shell companies in New Zealand which can be used to dodge tax.

“This is clear evidence that wealthy elites around the world are seeing New Zealand as a tax haven where they can dodge their obligations. That’s wrong, that’s not who we are and the government needs to step up and do something about it. 

“Kiwis are famous for our sense of fair play. We believe everyone should pay their share. We don’t want to get the kind of reputation that countries like the Cayman Islands have. It’s time our government admits there is a problem and resolves to do better,” Andrew Little says.

as if
http://www.stuff.co.nz/business/industries/78649571/andrew-gunn-pm-poop…