So far, the scandal has brought down the leader of Iceland and raised questions about the dealings of the president of Ukraine, senior Chinese politicians, famous actors, athletes and the circle of friends of Russian Vladimir Putin, who some allege has profited indirectly from such accounts.
Netherlands
A member of Dutch bank ABN Amro’s supervisory board says he is stepping down with immediate effect after his name appeared in Panama leak.
ABN Amro announced the departure of Bert Meerstadt in a brief statement Thursday that made no mention of his reported links to an offshore corporation established in the British Virgin Islands by Panamanian law firm Mossack Fonseca, which helps create shell companies for the world’s rich and famous.
The Dutch bank then issued a personal statement from Meerstadt in which he says he already was in the process of leaving ABN Amro, but was now stepping down immediately, “to prevent any detrimental effects to the bank.”
Austria
The chief executive of Austrian lender Hypo Landesbank Vorarlberg has resigned after the bank was mentioned in reports about offshore companies.
The bank said Thursday that Michael Grahammer “surprisingly declared his resignation last night.”
Austrian public broadcaster ORF reported this week that at least 20 offshore companies had accounts with Hypo Vorarlberg, including one attributed to Gennady Timchenko, a Russian billionaire with longtime personal ties to President Vladimir Putin.
France
Anti-fraud activists are blocking entrances at the Paris headquarters of French bank Société Générale to protest its alleged involvement in creating hundreds of offshore accounts via Mossack Fonseca.
Around 40 protesters physically blocked the main and side entrances of the building in central Paris on Thursday, waving banners that read “Fiscal Fraud, Social Crime.”
Societe Generale denies any accusations of fraud and tax evasion and repeated in a statement its commitment to the fight against such activities.
Iceland
Iceland’s opposition parties have introduced a new no-confidence measure in parliament in a bid to force a new election.
The proposal was introduced Thursday after several tumultuous days caused by fallout from the Panama Papers scandal detailing how the world’s elite conceal their assets in various offshore tax havens.
The country’s prime minister, Sigmundur David Gunnlaugsson was linked to offshore accounts and has resigned. His designated successor, Sigurdur Ingi Johannsson, hopes to gain the president’s approval to head the government later Thursday.
The opposition introduced a no-confidence measure Monday aimed at Gunnlaugsson but now propose a vote against the entire coalition government.
European Union
The European Union has threatened to sanction countries like Panama if they continue to refuse to co-operate fully to fight money laundering and tax evasion, after a leak of data showed the tiny country remains a key destination for people who want to hide money.
”People are fed up with these outrages,” said Pierre Moscovici, who heads financial affairs for the 28-nation EU. He took to task countries like Panama that facilitate such secretive, low-tax accounts and said the EU has to “be ready to hit them with appropriate sanctions if they refuse to change.”
Switzerland
The head of Switzerland’s financial market regulator says the Panama Papers revelations show that the world financial system is susceptible to misuse, and says his office is dealing with money laundering cases that look like “blatant and massive corruption.”
Mark Branson, chief executive of regulator FINMA, said Thursday that his office is dealing with “a number” of money laundering cases, adding: “We are not talking about small-fry.”
He said Switzerland faces a relatively high risk of money laundering as the world’s largest centre for cross-border wealth management for private clients. He said “money laundering is on the increase” in Switzerland and Swiss banks must do more to fight it.
Original Article
Source: thestar.com/
Author: Associated Press
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