MetroVan Independent News April 2016 | Page 2

2 April 2016 MetroVan Independent News MVINEWS.COM NEWS RBC denies wrongdoing after being named in Panama Papers CONTINUED FROM PAGE 1 >> There's nothing illegal about foreign incorporations, something a bank spokesman who was quick to note in a request for comment from media organizations. "There are a number of legitimate reasons to set up a holding company," Tanis Feasby said. "If we have reason to believe a client is seeking to commit a criminal [offence] by evading taxes, we would report the offence and not do business with the client." "We have an extensive due diligence process to ensure we understand who the client is and what their intentions are, and will not proceed with a transaction until we do." "RBC works within the legal and regulatory framework of every country in which we operate," Feasby continued. "Tax evasion is illegal, and we have established controls, policies and procedures in place to detect it and prevent it occurring through RBC. We have high standards, and our internal policies build on the regulatory requirements in each jurisdiction." "We make sure our clients have the information they need to properly file their taxes and we advise them of their obligation to do so. We also advise them to seek independent professional tax advice." There's nothing illegal about such structures, nor should society want to make them so, says Allison Christians, a law professor and the Stikeman chair in tax law at McGill University in Montreal. "We wouldn't want to have laws like that," she said. "You want to be able to have international businesses and be a part of the global community." The sheer size of the data dump — at 2.6 terabytes of data, the Panama Papers are exponentially larger than WikiLeaks' massive release of diplomatic cables in 2010 — is "striking," Christians acknowledges, considering they come from just one law firm. But, she says, they point to "something that looks like it has global proportions." Christians draws a firm line between tax avoidance and tax evasion, *v