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Home BUSINESSFIN-FSA to probe into Nordea’s tax evasion charge
Fri, 08 Apr, 2016 12:04:05 AM
FTimes – STT Report, Apr 8
Screenshot of Nordea International Private Banking website. File Photo – Lehtikuva.
Financial Supervisory Authority (FIN-FSA) together with the European Central Bank and the Swedish Financial Authority will investigate allegations linking Nordea to tax haven activities.
The Panama Papers revealed that the Nordea Group unit in Luxembourg was involved in the setting up of hundreds of tax havens companies for its clients in 2004-2014.
The Swedish Financial Authority said it had already launched investigations into the activities of Nordea in Luxembourg.
FIN-FSA did not reveal whether due to the revelations there are grounds to suspect that the banking business operations in Finland would have been in violation of the law or contrary to the regulations, or whether there is authorisation to conduct inquiry into the bank's activities.
Neither did Head of Prudential Supervision at FIN-FSA, Jyri Helenius  disclose whether FIN-FSA had for instance, requested  documents which require moni-toring due to the revelations, nor conducted any specific checks.
“We do not comment as a rule matters pertaining to individual entities,” Hele-nius said.
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