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Royal Bank of Canada defends practices after being named in Panama Papers leak

Royal Bank of Canada is one of several financial institutions around the world that has used the services of Panama-based law firm, Mossack Fonseca, which has been implicated in possible tax evasion and money laundering schemes.

Royal Bank of Canada taken care of immediately the bank’s name appearing in documents leaked to expose activities in offshore tax havens by stating the Canadian lender has “established controls policies and operations in place” to detect and stop tax evasion.

“We have an extensive due diligence process to ensure we understand who the client is and just what their intentions are, and won’t proceed with a transaction until we do,” Canada’s largest bank by market capitalization said within the statement Monday.

RBC added there are numerous legitimate good reasons to set up a holding company.

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