Frontpage News 2016 Ulrik Nødgaard com...

Ulrik Nødgaard comments on “the Panama Papers tax leak”

4 April 2016

Due to a large leak of documents from the law firm Mossack Fonseca in Panama and internationally coordinated media coverage of the contents of the documents, e.g. the DR documentary Det store skattelæk (The Panama Papers Tax Leak), several large Danish banks have become the focus of discussion. We are now questioning whether Danish banks are also helping customers evade tax.
In connection with this, the CEO of the Danish Bankers Association, Ulrik Nødgaard, says:
“This should not be part of business for Danish bankers. It must be avoided. Full stop. That is also why lots of resources have been put into tightening up business procedures, so that we can avoid ending up in grey zones or potential situations, where we perhaps could be at odds with the law.”
He emphasises at the same time that tax haven systems for the purpose of tax evasion should not be part of Danish banking operations:
“We would like to see full transparency and exchange of information between tax authorities succeed internationally, so that we can stamp out tax havens. We are against the use of tax haven systems, if it is about customers wanting to evade tax. Banks must say no to customers, who want business models that suggest tax evasion. Banks must ask questions and demand documentation and I’m under the impression that this is how it is today. There has been a strong movement in that direction,” Ulrik Nødgaard says.
The Danish Bankers Association is looking forward to authorities now investigating individual cases that look suspicious:
“I think it’s good, if tax authorities start looking at these 7-8 year old cases and assess them and whether individuals have been on the wrong side of the law. We welcome this development.”
For more information, please contact Head of Media Relations at the Danish Bankers Association, Stine Luise Hansen, tel.: +45 3016 1009
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