04.09.16

Norway says DNB Bank must explain Seychelles policy

Posted in Business and Economy, Offshore Banking, Offshore Services, Seychelles companies, Seychelles offshore jurisdiction at 2:24 pm by Robert Klien

Norway’s biggest bank DNB must provide a written explanation of its policy of helping clients register offshore companies in the Seychelles, the Norwegian industry minister said in a statement on April 4.

Trade and Industry Minister Monica Maeland said: “DNB says this should not have happened and that the bank should not have participated.”

The Norwegian government is the bank’s top owner with a stake of 34%. DNB’s Seychelles activities were first reported by daily Aftenposten, quoting leaked documents from Panama-based law firm Mossack Fonseca.

The leak involves more than 11.5 million documents from the files of the law firm, revealing details of hundreds of thousands of clients in multiple jurisdictions.

DNB said in a separate statement it regretted assisting about 40 customers in establishing the offshore companies between 2006 and 2010, and that the practice had ended.

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