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The Bahamas Papers/Bahamas Leaks documents have identified Canada's largest banks as participants in the formation, and servicing, of Canadian money in offshore accounts, for companies, trysts and foundations. Here are the number of tax haven accounts served by these banks. I will let you draw your own conclusions as to whether they are facilitating tax evasion, money laundering, or both.
The ICIJ data found this:
(1) Royal Bank of Canada (RBC) - 847 companies
(2) Canadian Imperial Bank of Commerce(CIBC) - 632 companies
(3) Nova Scotia Bank (Scotia) - 481 companies
These banks are actually physically in the Bahamas:
(A) Scotia Bank of the Bahamas & Nova Scotia Bank in Nassau.
(B) CIBC Trust Company Bahamas Ltd. & First Caribbean International Bank (subsidiary), in Nassau.
(C) RBC Royal Bank Bahamas Ltd., & Royal Bank of Canada, in Nassau
Let us hope that Canada's regulatory agencies, and law enforcement agencies, take a hard look at this information, and at the banks.
Contributed by Kenneth Rijock
Chronicles of Monte Friesner
