Skip to content
Subscriber Only

Panama Leaks Demand Coordinated Regulator Response, Denmark Says

  • EBA needs to step in and guide national regulators: Danish FSA
  • Danish FSA says it's unclear how to treat leaked information
Video player cover image

The Panama Papers and Tax Havens Worldwide

Updated on

Denmark’s financial regulator has asked the European Banking Authority to guide national supervisors in how best to respond to leaks revealing that banks on a grand scale allegedly helped clients hide wealth and evade taxes.

While the Panama leaks provided millions of documents spanning several continents, the extent to which banks engaged in illegal activity remains unclear, said Jesper Berg, head of the Financial Supervisory Authority in Denmark. It’s also not clear how to treat the information, since breaches could be considered threats to financial stability, violations of anti-money laundering requirements or operational missteps. The path a regulator chooses will to an extent determine the outcome, he said.