Societe Generale said that it stood by all the rules of its operating nations. The bank confirmed that it no longer detained any establishments in the process in the Non-Cooperative Countries and Territories.
Advocacy groups heavily criticized the draft as it allows company to hide their activities. Meanwhile, Iceland Prime Minister has resigned following protest over Panama leaks.
FMA of Austria will investigate Raiffeisen Bank International and Hypo Landesbank Vorarlberg. The Austrian banks were named in Panama Papers in helping money laundering scheme.
Nordea Bank of Sweden and DNB ASA of Norway, largest lenders of the respective countries, have been accused of aiding in tax dodging by the leaked ‘Panama Papers’. DSAs of the respective countries have summoned them to explain their roles over the allegations. However, both the banks have denied any wrongdoing while reiterating commitments for upholding laws.
The US Justice Department considers any credible allegation for violation of Federal Laws under its geographical territory very seriously. The department has been conducting its war against corruption through seizing assets related to illicit activities. Following leak of ‘Panama Papers’, it has been reviewing documents related to tax dodging through offshore accounts.
Cyprus-based lender RCB has denied reports of extending unsecured loans. Latest British media reports turned spotlight on alleged role of RCB in providing unsecured loans to people close to Vladimir Putin, President of Russia. Cyprus Central Bank said it was probing into the issue.
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