Comment to the media coverage

Nordic media are presently investigating tax evasion through companies set up in Panama and some media have published some articles today, where Nordea International Private Banking in Luxembourg was portrayed as a provider of tax haven structures for its customers.  

Due to what is asserted about Nordea, we want to make the following clarifications:
 
• Nordea follows all rules and regulations related to these issues. We do not accept to be used as a platform for tax evasion. Our tax advice policy and ethical standards are clear; we shall not encourage or facilitate tax schemes of our customers that are regarded as tax evasion. We help our customers to pay the tax they should.

• At the end of 2009, Nordea International Private Banking in Luxembourg started to take proactive measures beyond the rules and regulations and beyond standards in our industry. Not all customers liked this approach and consequently the number of customers having these structures has gradually been reduced since 2009.  Furthermore with the new common reporting standard in place as of 1 January this year, customers’ holdings and income on their accounts will be automatically reported to the tax authorities.

• Off-shore structures can be used as a legal and administrative vehicle for some customers with very complex, international business.  In these cases Nordea has a range of processes and controls to ensure that clients declare their account to the relevant tax authorities.

• For the vast majority of our customers we advise not to use offshore-companies, and we do not in any case accept structures that are non-transparent towards relevant tax authorities