Nordea to Give Tax Authorities Full Account of Offshore Holdings
(Bloomberg) -- Nordea to give authorities full details of client offshore holdings from 2016, bank director Torben Laustsen told a parliament committee in Copenhagen on Wednesday.
- A “couple of handfuls” of Nordic clients owning offshore companies remain at Nordea’s Luxembourg private banking unit, Laustsen says
- EARLIER: Nordea Money Laundering Link to Panama Leaks Probed by FSA NSN O5KGH16S972C
- Danske Bank never had dealings with Mossack Fonseca, doesn’t do business with similar entities or manage offshore companies, Flemming Pristed, bank’s general counsel, tells same parliament committee during Wednesday’s hearing
- Danske has taken over seven clients who already owned companies set up by Mossack Fonseca. Four of these have been closed and two are in the process of closing while the last will continue because it represents a genuine business, Pristed says
- Danish FSA called on “the most interesting banks” to explain the extent to which they helped clients set up offshore companies designed for tax evasion, FSA director Jesper Berg says at hearing
- FSA also requiring banks to explain how they can ensure they’re not helping clients evade taxes indirectly; bank managements being called on to show how they evaluate operational and reputational risk of being associated with such practices, Berg says
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