Canada's biggest bank is handing over to the government names of clients with “relationships or connections” to a Panamanian law firm at the center of a massive leak of offshore financial data, the lender confirmed on Thursday.
Reuters reports that the Toronto Star and CBC, citing legal documents filed on Wednesday, reported that the Canada Revenue Agency had sought a court order against the Royal Bank of Canada (RBC) to compel disclosure and that the bank would not be challenging it. Royal Bank confirmed the story.
"We respect the confidentiality of our clients within the bounds of the law, and we cooperate with all of our regulators," RBC spokeswoman Tanis Feasby said in an email.
The tax agency's action came about one month after the Star and CBC, in partnership with the International Consortium of Investigative Journalists, published their investigations on the law firm, Mossack Fonseca.
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