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NZ Govt is relaxing privacy laws for US citizens and ex-pats

Master Moose (1243274) writes | about 6 months ago

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Master Moose (1243274) writes "New Zealands Government wants to override privacy laws to supply the US Government with private details about Americans living in New Zealand.

As part of a global tax-dodging crackdown, the US is forcing banks and other financial institutions to hand over the private financial details of US "persons" and companies based overseas.

From July this year, Kiwi banks and insurers will be required to provide US tax authorities with American customers' contact details, bank account numbers and transaction history.

  The move comes amid continuing criticism of New Zealand's participation in Trans Pacific Partnership Agreement talks, aimed at securing a wider-reaching free trade deal with the US and other countries.

Critics say the secretive talks could restrict New Zealand's ability to make its own laws on everything from the environment to employment."

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