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Canada's RBC releasing files linked to 'Panama Papers' firm -reports

Published 2016-05-05, 06:55 p/m
© Reuters. Canada's RBC releasing files linked to 'Panama Papers' firm -reports
RY
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TORONTO, May 5 (Reuters) - Canada's biggest bank is handing
over to the government names of clients with "relationships or
connections" to a Panamanian law firm at the center of a massive
leak of offshore financial data, national media reported on
Thursday.
The Toronto Star and CBC, citing legal documents filed on
Wednesday, reported that the Canada Revenue Agency had sought a
court order against the Royal Bank of Canada ( RBC ) RY.TO to
compel disclosure and that the bank would not be challenging it.
The bank and the Canada Revenue Agency did not immediately
respond to requests for comment.
The tax agency's action came about one month after the Star
and CBC, in partnership with the International Consortium of
Investigative Journalists, published their investigations on the
law firm, Mossack Fonseca.
Leaks from the Panama-based law firm, dubbed the "Panama
Papers," have embarrassed several world leaders and shone a
spotlight on the shadowy world of offshore companies.
Governments across the world have begun investigating possible
financial wrongdoing by the rich and powerful after the leak.
RBC last month said it was reviewing its records after being
named in leaked documents and told Reuters that it had controls
in place to prevent illegal activities and it would not do
business with those who evaded tax.
Canada last month said it was closely watching the cases of
citizens found to have set up offshore companies in Panama and
elsewhere and would refer cases to prosecutors if necessary.

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