The legal industry is keen on the idea of adopting New Zealand Business Numbers (NZBN), the Ministry of Business, Innovation and Employment has said.
Beth Williams, a business engagement manager at the ministry told the Law Society that the government has been taking a sector approach in promoting the use of NZBNs. The program is voluntary for the private sector.
There has been a really good uptake in the construction sector and the ministry is beginning to work closely with the legal sector.
“We are only just getting into the legal sector but from the feedback we have got we are aware that it is a sector that is keen on this,” Williams said.
Williams also said that lawyers and law firms are seeing the benefits of having NZBNs adopted widely in the country.
“Even before the legislation was passed, one leading Wellington law firm had already seen the opportunities the NZBN would create, and built the NZBN into their client database. More firms are now following suit, using the NZBN to link information and make better business decisions,” she said.
The system increases transparency since it can be used to link information together. Some law firms are looking into whether using the system can be used to aid in complying with the Anti-Money Laundering and Countering Financing Terrorism Act.
A number of law firms are already working with the ministry, which is still actively seeking out other large firms to be involved, Williams said.
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