Finland Times

Tuesday, 29 November, 2022
Home BUSINESSNordea slammed for tax evasion involvement
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Wed, 06 Apr, 2016 12:04:55 AM
FTimes – STT Report, Apr 6

Finance Minister Alexander Stubb on Monday expressed surprise that Nordea Bank, which also operates in the country, was centrally involved in tax haven arrangements in Panama.

In an email sent to the national broadcaster Yle, Stubb sharply condemned tax evasion.

“It certainly was a surprise,” Stubb wrote.

Stubb said the police and other authorities are assessing whether any Finns participated in illegal activities.

“If the bank is aware that a bank account is being used for illegal purposes, it must refuse to open the account. Similarly, the bank must inform the authorities if suspicion arises later. In Finland, the banks are supervised by the Financial Supervisory Authority,” said Stubb.

Stubb believes that the revelation will give a boost to international cooperation against tax evasion.

“The work is progressing well but with plenty of challenges, as we can already see in this case.”

The chair of the main opposition Suomen Sosialidemokraattinen Puolue (Social Democratic Party of Finland-SDP), Antti Rinne wrote on the social media site Facebook that Nordea must take a close look in the mirror following the Panama revelations. Rinne said SDP cannot be a customer of such a bank.

According to Rinne, it is difficult to believe that the Scandinavian bank has been a key player in tax evasion. The Nordic social welfare model requires that everyone participates, Rinne said.

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