It is particularly large bank branch in Luxembourg has failed. But the board and management in the Nordic region’s largest bank finds no evidence for allegations that customers have received active help to evade taxes.
This is some of the many findings in an internal investigation that Nordea presented Wednesday. It is the so-called Panama Papers about secret bank accounts in tax havens that have triggered the investigation.
A number of measures
Nordea informs that they implement a series of measures to tighten procedures and acknowledges that its activities in Luxembourg must be followed closely. One of the measures is that 68 accounts will be blocked after it discovered evidence of tax evasion.
Nordea forecasts tightening of advising clients on issues relating to taxation and information to domestic tax authorities.
the investigation has looked at 129 so-called offshore structures that are either managed by the law firm Mossack Fonseca, or had an office in Panama on the date April 15, 2016. These “structures” managed one capital of 216 million euros.
– Unacceptable
in a press release states that Nordea Luxembourg already in 2009 stricter guidelines when it comes to tax planning but that implementation has been insufficient.
– It is unacceptable that Nordea is being abused for tax evasion or aggressive tax planning, says CEO Casper von Koskull.
the investigation is made of Nordea’s own experts with the support of the law firm Mannheimer Swartling, and local auditing and law firms.
One of the measures introduced, is that it becomes minimal elbowroom for judgment and individual interpretation of the guidelines.
the conclusions of the internal investigation were made public while the bank presenting its second quarter results. The operating profit of 1.22 billion euros, slightly down from the same period last year.
NTB
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