New Zealand is moving for more transparency in the wake of the Panama Papers leak.

Official are looking to improve disclosure and registration requirements for foreign trusts, and strengthen its anti-money laundering rules as well.

“The changes to the foreign trust rules are a matter that the Government intends to move quickly on,” New Zealand Finance Minister Bill English said.

Both Australia and New Zealand were referenced thousands of times in the leaked Panama Papers, which shed a bright light on the complex financial systems many major firms use to avoid paying tax.

Prime Minister John Key only lasted a few days under pressure before announcing a review of the country’s corporate policies.

The subsequent review found it “reasonable to conclude that illicit funds are being hidden in New Zealand foreign trusts”.

While it stopped short of declaring itself a ‘tax haven’, New Zealnd has acknowledged the need to tighten the rules.

The changes involve the creation of a new, centralised database of company information for use by police and tax officials.

The opposition Labour Party wants the measures to go further, opening the database up for public use as well.

“This does nothing to assist foreign tax authorities uncover fraud or tax evasion from the global mega-rich using New Zealand foreign trust structure,” said opposition finance spokesperson Grant Robertson.

New Zealand met with the other 35 international members of an anti-tax-avoidance taskforce in Paris last week, which ended with a statement that it had made “excellent progress” in identifying avenues for further investigation.