A New Zealand trust has helped fuel a political scandal in the tiny island republic of Malta.
This country attracts few tourists from the Mediterranean archipelago, but at least one member of its political elite - Energy and Health Minister Konrad Mizzi - deems New Zealand an attractive depot for his assets.
The 38-year-old this week rejected calls for his resignation after his overseas interests were laid bare by a blogger and seized on by local media.
Those interests include the Rotorua Trust, which holds shares in a Panama-based company which Mizzi said had no assets, nor a bank account.
"I have absolutely nothing to hide," Mizzi told The Sunday Times of Malta.
"I did nothing illegal. These are my family's financial matters after all."
Mizzi later committed to undergo a full tax audit and promised to close down the Panamanian company.
He will, however, keep the New Zealand trust - which he said was a family estate planning structure.
As a stable democracy, this country is a popular choice for overseas trusts. Exiled Russian tycoon Sergei Pugachev - once known as "Putin's banker" - is one other foreigner known to have set up trusts here.
Mizzi's is managed by Orion Trust New Zealand, a trustee company based at Bentleys Chartered Accountants in central Auckland.
Its directors include Remuera's Roger Thompson and two men from Panama.
A twin plank of the regulatory crackdown on shell companies was anti-money laundering laws, which aim to stop the $1.5 billion of dirty funds thought to be washed through New Zealand each year.
These regulations forced the likes of fund managers, derivatives issuers, debt collectors and casinos to have systems in place guarding against money laundering.
These institutions and others covered by the law must perform due diligence on customers, monitor accounts and report suspect transactions to police.
The number of these reports and the value of the fishy transactions involved has since surged - from $545 million in the year to June 2013, to $3.5 billion in 2014, and $8.4 billion in 2015. But this torrent has now begun to abate. In the first two quarters of the year to June, the amount of suspicious money being brought to police attention has dropped.
In the three months to September, just over 2000 reports came in concerning $1.2 billion (down from 3000 and $1.6 billion in the same period a year earlier).
The figures took another dive in the December quarter, with the fishy funds tally falling to $798 million.
The police Financial Intelligence Unit is still analysing the trend and says it is likely to report on it this month.
Business Insider does not believe New Zealand has purged itself of the money laundering scourge.
It is more likely the level of paranoia in the industry has simply abated, and financial institutions are more comfortable in deciding what they should and should not report.