Bills Increase Transparency Of Money Transfers And Ports
'Too many families are losing money to hidden fees when they send remittances overseas. That's not fair, especially with the cost of living rising,' Arena Williams said.
'My Financial Markets (International Money Transfers) Amendment Bill will require banks and other money transfer services to be upfront about their fees, exchange rates, and commissions. Consumers should know exactly what they're paying, before they send a cent.
'New Zealanders pay more for international money transfers than people in Australia and other countries. My Bill is especially important for Pacific, Filipino, Indian and other migrant communities who regularly use remittance services to support loved ones abroad.
'Banks and finance companies charge for these services in a way most consumers won't understand. It's not clear, it's not fair, and it hits working families hardest.
'This Bill is about making banking fairer for everyone, whether you're sending money home to support family or making a purchase online in a foreign currency. Labour is on the side of consumers, not the banks.'
The Bill would:
Require full disclosure of all fees, commissions, and exchange rates before a transfer is made
Ensure the total cost of a transfer is clearly displayed, including markups
Stop banks and providers from hiding charges in fine print
'This is an important step in bringing down everyday costs for families – starting with banking. Everyone deserves to know what they're paying,' Arena Williams said.
Lemauga Lydia Sosene's Local Government (Port Companies Accountability) Amendment Bill would bring more public accountability and transparency to publicly-owned port companies.
'Currently, publicly-owned port companies are immune to Local Government Official Information and Meetings Act requests which limits their public accountability. This Bill would change that and give local communities greater transparency around decisions that could affect their lives,' Lemauga Lydia Sosene said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
1News
4 hours ago
- 1News
Kiwi creator on why he turned down huge offers to plug online gambling
A New Zealand content creator is speaking out about the harms of gambling after revealing he was offered more than $500,000 to promote offshore gambling websites. Louis Davis is a Kiwi content creator with a following of over 3 million across all platforms, and has taken to his social media platforms to warn others about the risks. Speaking with Breakfast this morning, Davis said he received the promotional offers in his email inbox. "We get hammered with emails every day, they're pretty consistent," he said. When asked on why he decided to turn down the offer, he said that gambling promotions are causing real harm in communities and were encouraging addictive behaviour. ADVERTISEMENT 'We are living in an age now where you can gamble in your car, on the toilet, or at work. The morning's headlines in 90 seconds, including deadly Texas floods, Australian woman attacked by a lion, and Elon Musk's new political party. (Source: 1News) 'There used to be a time and a place for it, but now because of our phones we have access 24/7 to it. 'If they're offering me over $500,000 to ask you to gamble, imagine how much they're stealing from you.' Data from the Department of Internal Affairs showed that in 2022/23, New Zealanders lost $2.76 billion gambling on the four regulated gambling sectors - Lotto New Zealand, TAB NZ, casinos and class 4 gambling (pokies). Growing up in Northland, Davis said he witnessed the impacts of gambling firsthand. "I see the harm of this in my communities, and what it takes from us." he told Breakfast. ADVERTISEMENT "There's a reason they give money to people that look like me. They're going after my community." Davis said he would love to see changes around the rules of advertising, so people don't continue to be tempted by offers from gambling companies. "People get put in this real hard position, where it's undeniable life-changing money. I almost have empathy for people who have to make that decision," "I'd love to see changes made to that system; I don't want it to be a decision people have to make." DIA has been cracking down on the promotion of offshore gambling, sending cease-and-desist letters to some influencers, and monitoring other accounts. Millie Elder-Holmers was recently fined $5000 for promoting online gambling. Under the Gambling Act it is illegal to publish an advertisement for an offshore gambling operator.
Scoop
4 hours ago
- Scoop
Cutting Red Tape So Young Kiwis Can Start Saving
Associate Minister of Justice Associate Justice Minister Nicole McKee is making changes to the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act that will make it easier for parents to open bank accounts for their children. 'Opening a bank account for children should be a simple and positive step toward teaching them the value of saving. Unfortunately, regulations designed to prevent serious crimes can make the process unnecessarily difficult,' says Mrs McKee. 'The Government is cutting red tape that can make it harder for parents to do the easy thing and open a bank account for their children. 'According to the Act, a parent who wants to open an account for their eight-year-old child needs to gather and verify a long list of information, including their child's address, date of birth, name, and their own authority to act on their child's behalf. The Act also requires banks to obtain the nature and purpose of the business relationship, evaluate whether further due diligence is required, and monitoring the child's transactions on an ongoing basis. 'Under the Government's new reforms, banks will be allowed to apply a simplified processes when risk is low. This means that if a bank puts measures in place to make a child's bank account low-risk (e.g. by setting appropriate transaction limits) all that could be required is a birth certificate to confirm the child's name and date of birth, and prove the relationship to the parent. 'They could also skip the intrusive and unnecessary questions about the 'nature and purpose' of the account, and reduce or forego ongoing monitoring of a child's banking activity, until the account's settings are changed (e.g., removal of transaction limits when a child turns 18). The Government has also directed the future AML/CFT supervisor to issue clear guidance so that businesses like banks know exactly how to apply these simplified checks without fear of penalty. 'This is a common-sense reform. Parents shouldn't be asked to jump through bureaucratic hoops just to open a bank account for their kids. We're streamlining the system so that New Zealanders can spend less time on paperwork and more time teaching their children the value of money. 'These changes reflect the Government's wider commitment to smarter regulation, focusing on outcomes rather than ticking boxes, and trusting New Zealanders to make responsible decisions without being buried under red tape.'
1News
5 hours ago
- 1News
Oriini Kaipara seeks TPM candidacy for Tāmaki Makaurau by-election
Former television news presenter Oriini Kaipara has launched a bid to enter Parliament, seeking selection as Te Pāti Māori's candidate for the Tāmaki Makaurau seat by-election. The seat has been vacant following the death of MP Takutai Tarsh Kemp last month. Kaipara, who was most recently a presenter for Newshub, shared the announcement on social media. The announcement does not mean Kaipara is the candidate for the party. 'Kua eke te wā. It's time,' she wrote in an Instagram post. Te Pāti Māori has launched a process to select its candidate to run in the Māori electorate with expressions of interest closing on Wednesday and a selection hui held this Thursday. ADVERTISEMENT A date for a by-election to fill the vacant seat has not yet been announced. 1News understands other candidates are likely to throw their hat into the ring to become Te Pāti Māori's candidate in the by-election. Labour MP and former Tāmaki Makaurau seatholder Peeni Henare has not yet said whether he will choose to contest the seat for his party. Kemp narrowly defeated Henare after a recount of votes at the last election. Kaipara (Tūhoe, Ngāti Awa, Tūwharetoa, Ngāti Rangitihi) worked for over two decades as a broadcaster, including for Whakaata Māori and TVNZ. She made headlines in 2019 for becoming the first person with moko kauae to present a mainstream news bulletin. Kemp had been on dialysis as she battled kidney disease. (Source: 1News) After leaving the media in 2023, she became the NZ Olympic Committee's Pouwhiringa Māori culture lead and worked as a public speaker, according to her LinkedIn profile. ADVERTISEMENT If a Te Pāti Māori candidate wins the byelection, the party keeps its total at 6 MPs. But if Henare — who is already a list MP — stands and wins the seat for Labour, then he becomes an electorate MP and therefore his party would be able to bring their next person on the list who is Georgie Dansey. Labour would go from 34 to 35 seats. If another party wins the race, there would be no change to the overall number of MPs. In all scenarios the number of MPs in Parliament remains at 123 due to the overhang.
