CRA GOES TO COURT OVER ROYAL BANK AND PANAMA PAPERS

May 05, 2016

By Michael Kramer

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The Canada Revenue Agency has gone to Federal Court seeking information on Royal Bank clients – referred to in the so-called Panama Papers leak.

The agency asked the court to order the Royal Bank to disclose information – on clients linked to the Panamanian law firm.

The Royal Bank said it will not oppose the motion – and will comply if the court order is issued.

Various media reports claim the bank and its subsidiaries used the law firm to help set up about 370 companies – in offshore havens like Panama for its clients.

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