Finland's Nordea Bank Implicated in Panama Papers 10,902 Times
By: Kes Paris, Xiro Xone News April 15, 2016 Updated: 9:29 AM
Even Finland could not escape the tentacles of the Panama Papers. Bjorn Wahlroos the chairman of Nordea Bank, AB., said, "We did nothing wrong" when it was revealed that Nordea Bank was a facilitator to clients who wanted to hide money, launder money, or avoid paying taxes.
According to the papers, Nordea Bank had facilitated hundred of offshore companies for its clients. Wahlroos went on to say, " We have looked into this for more than a week and according to legislation, bank regulations and our internal guidelines, everything has been done for the most part as it should be done,"
Nordea Bank is the largest financial institution in Finland. They are infamous for providing tax havens to clients in the Nordic region. According to the Panama papers. The Nordea Bank in Luxemburg started more than 400 offshore companies between the years 2004-2014. In 2015, Nordea Bank had to pay over 5 million euros in fines, the highest in the region.
In 2012 Nordea asked Mossack Fonseca to change documents by back dating them so that three Danish customers power of attorney documents, had been in force since 2010.
The director for Nordea Private banking, Thorben Sanders, admits that prior to 2009 they didn't screen customers who were trying to evade taxes. He went on to say, "In the end of 2009 we decided that our bank shall not be a means of tax evasion."
The day after the release of the Panama document’s, Nordea Bank stock, dropped by three points. On April 4, 2016, in reaction to the allegations against Nordea Bank, the Swedish Financial Supervisory Authority (FI) announced an investigation into the conduct of Nordea.
The Swedish minister of Finance, Magdalena Andersson, characterized the conduct of Nordea as "a crime" and "totally unacceptable."