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Article

4 Apr 2016

Author:
Johan Ahlander and Simon Johnson, Reuters (USA)

Swedish FSA investigates Nordea after Panama Papers leak

Sweden's Financial Supervisory Authority (FSA) has contacted authorities in Luxembourg for information related to allegations that Nordea, the Nordic region's biggest bank, helped some clients set up accounts in offshore tax havens...While setting up offshore accounts is not necessarily illegal it could be in breach of Swedish money laundering rules..."We take this extremely seriously," said Christer Furustedt, head of the FSA department that oversees major Swedish banks. "If the media reports are correct and they set up complicated structures to hide the actual beneficial owner then that is hardly in line with the rules," he said. Nordea said in a statement it would review all activities relating to offshore accounts in Luxembourg. The bank said it strongly denounced tax evasion and had taken proactive measures since 2009 to ensure all customers' holdings and income on their accounts were reported to the tax authorities. "However, we regret that we didn't have these procedures already earlier," Nordea CEO Casper von Koskull said...

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