There is no evidence that employees of the Nordea actively helping clients with tax evasion, shows an internal investigation of the so-called Panama leak. In contrast, the study shows a lack of control in the large bank’s subsidiary in Luxembourg.
Nordea, the CEO Casper von Koskull, presents its internal investigation of the Panama leak associated with an unexpectedly strong report for the second quarter.
– We can not accept that Nordea is used as a platform for tax planning. It’s part of our responsibility and the policy is clear, says Casper von Koskull, CEO of Nordea, following the report of the internal investigation.
The study has 129 total 562 offshore structures audited because they have been administered by the law firm Mossack Fonseca or any other law firm in Panama.
Several billion
It’s about structures with a total of 216 million euros (just over two billion ) in assets under management.
Some evidence that employees of the Nordea actively helping clients with tax evasion has not been found by internal investigators, who have been assisted by the law firm Mannheimer Swartling, and local accountants and lawyers.
– What we have come to is that we have acted at the request of customers to administer these structures. We have sent instructions to the relevant companies on behalf of customers, says Johan Ekwall, Head of Compliance at the big bank.
– But we have not found any evidence that there has been a formal agreement between Mossack Fonseca and Nordea Luxembourg, he said.
weaknesses
the investigation shows that there have been shortcomings in the subsidiary’s governance and control structures. There have also been shortcomings in the subsidiary on combating money laundering and taxation.
– Compliance must be the number one priority and it is not just about rules and regulations, but also on standards. We have a responsibility towards our customers and a responsibility to society to follow the rules and standards that society expects us to follow, says von Koskull.
Nordea’s customers will in future also have to reckon with tighter fiscal policy in advising clients.
“Nordea will say no to all new corporate structures where the business purpose is unclear,” writes the bank.
new board
A special board will be established with a focus on tax and where more complex tax issues to be lifted.
– I can not change what has happened but I can shape the future, says Casper von Koskull.
Nordea while reiterating the promise that to cut all ties with the law firm Mossack Fonseca and writes that it is expected to be completely finished by the end of the year.
von Koskull admit that confidence in Nordea is shaken even if the bank has not been damaged economically
– it is clear that it has. We’re in a trust industry.
TT
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