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Canada's RBC defends practices after Panama Papers leak

Published 2016-04-04, 11:25 a/m
© Reuters. Canada's RBC defends practices after Panama Papers leak
RY
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TORONTO/OTTAWA, April 4 (Reuters) - Royal Bank of Canada
RY.TO said on Monday it had controls in place to prevent
illegal activities after documents allegedly showed it had
regularly used the services of a Panama-based law firm at the
centre of a massive data leak exposing possible tax evasion.
RBC , Canada's biggest bank, is one of several financial
institutions named in documents that appear to show how some
clients of law firm Mossack Fonseca evaded tax and laundered
money. The documents emerged in an investigation published on
Sunday by the International Consortium of Investigative
Journalists.
RBC and its subsidiaries were associated with 378 shell
companies registered in the Mossack Fonseca data, the Toronto
Star newspaper reported.
In an emailed statement on Monday, RBC said that it worked
within the legal and regulatory framework of every country in
which it operates and had an extensive due diligence process to
understand what its clients intentions are.
"Tax evasion is illegal, and we have established controls,
policies and procedures in place to detect it and prevent it
occurring through RBC," the bank said.
RBC said there were a number of legitimate reasons for
clients to set up a holding company.
"If we have reason to believe a client is seeking to commit
a criminal offence by evading taxes, we would report the offence
and not do business with the client," it added.

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