TORONTO – The Royal Bank of Canada says it operates within the law and has policies to prevent tax evasion after reports said it used the Panamanian law firm whose leaked documents are said to reveal the use of offshore tax havens.
The International Consortium of Investigative Journalists worked with hundreds of journalists to analyze 11.5 million records from the law firm Mossack Fonseca.
The records reportedly show major banks helped clients create companies in offshore havens like Panama.
Mossack Fonseca has confirmed the authenticity of the records that hackers obtained.
The firm denies any wrongdoing and says most of the individuals named in the leaked documents were not its direct clients but accounts set up by intermediaries.
The CBC and the Toronto Star, two of the media outlets that the consortium collaborated with, reported that the Royal Bank of Canada and its subsidiaries set up about 370 of these types of corporations.