Through the document leak Panama Papers revealed Nordic media how Nordea Luxembourg for years helped its customers to establish companies in tax havens through the controversial law firm Mossack Fonseca .
the bank launched an internal investigation immediately and Wednesday morning was the conclusion presented:
Nordea acknowledges that there have been violations of its own policies in Luxembourg but denies that the bank’s employees actively has assisted clients to evade tax.
have only investigated a third of companies
129 of Nordea customers tax haven companies have been studied. All these were created by the law firm Mossack Fonseca, and / or had its seat in Panama.
The leaked documents from Mossack Fonseca shows that Nordea managed nearly 370 companies. That is just over a third of companies are covered by the investigation. Nordea explains that they initially have examined corporate structures they believe it is related to high risk.
– This is far from over. We will examine the remaining companies, says CEO Casper von Koskull.
The 129 companies that have been investigated, managed a total of 216 million euros. Five of the companies had beneficial owners who are resident in the region.
Five Nordic customers requiring “further analysis”
Nordea CEO says that he puts in initiated a number of measures with immediate effect in order to sharpen the bank’s procedures. He acknowledges that business Lucembourg must be followed closely.
These are some of the main findings of the investigation:
** Nordea has offered customers administrative services, but the bank employees have not “taken the initiative” to establish companies in tax havens.
** Bank staff has “not actively assisted clients to evade any tax.”
** Bank in Luxembourg has had relevant guidelines and instructions in place, but it is revealed several cases where these are not followed. Nordea tightened guidelines for tax planning in 2009, but this was “not consistently implemented.”
** 137 companies are scrutinized to determine whether Nordea customers have been doing tax avoidance or tax evasion through their companies in tax havens. 68 of these companies’ bank accounts are blocked because the bank will do “further analysis” to confirm that the real owners have paid the correct taxes. Five Nordic customers are among these.
** Nordea is, as all banks are bound by the so-called “know your customer” guidelines. The investigation concludes with policy violations in several cases involving high-risk customers.
** It is revealed seven violations of the Bank’s internal guidelines for renewal of authorizations and backdating of documents.
CEO: – This is not acceptable
Already in 2009 sharpened Nordea Luxembourg guidelines for tax planning, but the investigation reveals therefore that implementation was insufficient.
– This is not acceptable says von Koskull.
CEO repeats the message of the press conference in April that Nordea shall not be a platform for tax evasion or aggressive tax planning.
– We recognize that there is enough to follow the letter.
Nordea employees have already been sanctioned
following the press conference, CEO Casper von Koskull direct question from one of the journalists about the investigation would trigger sanctions for employees Nordea.
– the operation has been made that have not followed our dice lines, and we will consider various sanctions. Some sanctions have already been implemented, responded Koskull.
The investigation has still not gone on individuals in Nordea.
Introducing stricter requirements for tax havens customers
Casper von Kull says that the bank’s policies will be changed to provide less room for individual interpretation. Luxembourg office will also be put under strict control, and the composition of Luxembourg will be changed.
Nordea in Luxembourg will also introduce new, stricter criteria for new and existing customers who have companies in tax havens.
by the end of the year, the bank shall have scrutinized all existing customers with companies in tax havens. Customer relationships will be terminated if one concludes that the new requirements for documentation are not followed.
When it comes to the 68 bank accounts that are disabled, these will be closed if further studies concludes that customers have driven tax evasion or aggressive tax planning.
In the future, Nordea will “reject all new forms of business where the purpose of the company is unclear.”
investigating money laundering and investigated by the Financial
Nordea cooperation with law firm in Panama has been extensive. Only ten banks have managed several companies in Mossack Fonseca. Shortly after the revelations notified Nordea that the switch worked with Mossack Fonseca.
Compared to DNB, which also has faced strong criticism after Aftenposten’s revelation, Nordea has managed eight times as many companies.
In the aftermath of revelations has Finansinspektionen, the Swedish financial Supervisory Authority, initiated an investigation of the bank. In Denmark investigated the bank for violation of the law on money laundering.
Nordea reports Wednesday that all relevant authorities have been or will be informed of the outcome of the investigation.
No comments:
Post a Comment