Nordea says to stop affiliation with law firm Mossack Fonseca

STOCKHOLM/HELSINKI Swedish banking group Nordea stated it might quit its give up its association with law firm Mossack Fonseca on the center of the Panama Papers scandal.

"we will not cooperate with Mossack Fonseca any longer. certainly now not", Nordea CEO Casper von Koskull told public service broadcaster SVT on late on Monday. "The financial institution must not be used as a platform for tax evasion."

Sweden's monetary Supervisory Authority has contacted government in Luxembourg for statistics related to allegations that Nordea, the Nordic region's biggest financial institution, helped a few customers installation money owed in offshore tax havens.

The allegations against Nordea regarded in a leak of extra than 11.5 million files from the files of law company Mossack Fonseca, primarily based in Panama.

while putting in offshore accounts isn't always always unlawful it can be in breach of Swedish cash laundering policies.

Nordea has stated it might evaluate all sports regarding offshore accounts in Luxembourg. The bank stated it strongly denounced tax evasion and had taken proactive measures considering the fact that 2009 to make certain all customers' holdings and income on their accounts had been reported to the tax authorities.

in accordance SVT, one of the media outlets to cooperate at the ebook of the Panama Papers, Nordea has helped to installation between three hundred to four hundred letter box entities - firms with none real life aside from letter boxes in a tax haven - and is mentioned greater than 10,000 times in the Panama Papers.

The allegations about Nordea's activities has prompted grievance from politicians.

"Nordea has lost all its credibility to function within the interest of mortgage takers," Finland's foreign minister and the head of the nationalist Finns party, Timo Soini, said in a blog post on Tuesday.

Sweden's prime Minister Stefan Lofven said on Swedish television on Monday: "I assume it's far shameful that they've been worried in this. they say they have pulled out of this. i hope it is true."