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Report: Nordea Bank to terminate links with Mossack Fonseca


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Report: Nordea Bank to terminate links with Mossack Fonseca

Nordea BankAB will terminate its link with Mossack Fonseca after being namedin the leaked documents from the Panama-based law firm for allegedlyassisting wealthy clients in evading taxes, Nordea Bank CEO Casper von Koskulltold Sweden's Sveriges Television on April 4, Reuters reported the followingday.

Sveriges Television reportedly said the lender assisted in settingup between 300 to 400 letter-box entities and was mentioned 10,000 times in theso-called Panama Papers.

In May 2015, Nordea was fined for lacking money laundering controls, but in astatement on April 4, the bank rejected the recent allegations that itsLuxembourg-based unit Nordea International Private Banking was a provider oftax haven structures.