Following the leak of more than11.5 million documents from Panama-based law firm Mossack Fonseca detailing theuse of tax havens,S&P Global Market Intelligence rounds up reaction from banks and regulatorsto the so-called Panama Papers.
These files were obtained byGerman newspaper Süddeutsche Zeitung and shared with more than 100 mediapartners.
*Tax investigators in the U.K. have requested media organizations to providethem access to the leaked files,The (U.K.) Guardian reported.The British Virgin Islands continued to license the law firm, which repeatedlyfailed to find out who owned the companies on its books, the paper reported.The name of BritishPrime Minister David Cameron's late father, Ian Cameron, was on the list ofclients using the law firm in the tax haven of Panama, Reuters reported.
*Austrian financial markets regulator FMA is probing if andHypo LandesbankVorarlberg followed anti-money laundering procedures, Reuters reported. The regulator can report cases to criminalauthorities if deemed essential, a spokesman for the FMA reportedly said.
*Swedish Financial Supervisory Authority has called a meeting with 's managementon April 5 after it was alleged that the bank assisted wealthyclients in evading taxes, Bloomberg News reported. The regulator has asked authorities in Luxembourgto provide information about the bank, which in May 2015 was fined for lackingmoney laundering controls, Reuters noted. The bank in a statement rejected such allegations and added that thebank does not usually aid its clients in setting up offshore companies and doesnot accept clients that are non-transparent toward relevant tax authorities.
*Norway-based DNB ASAadmitted to setting up offshore companies for about 40 clients between 2006 and2010, but added that the practice has since been abolished, Reuters reported. The country's government called heads of topcompany boards to engage in talks following offshore banking revelations.
*Cyprus-based RCB BankLtd. denied allegations that it helped people close to Russian PresidentVladimir Putin amass fortunes by providing them unsecured loans, Reuters reported.
*Mossack Fonseca repeatedly recommended the Austrian branch of Anglo IrishBank, among other banks, to its clients, The Irish Times reported. The banks, which included Berenberg Bank andvarious units of HSBC HoldingsPlc, were recommended to clients as the ones that had fairlyrelaxed conditions for opening accounts in the name of offshore companies.