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Canadian banks agree to release information on Cayman Islands accounts
Published on July 30, 2016 Email To Friend    Print Version


OTTAWA, Canada -- The Federal Court of Canada has approved federal requests for seven years' worth of transaction information from the Royal Bank of Canada and Citibank, NA, related to correspondent accounts in the name of Cayman National Bank Ltd in the Cayman Islands.

The two banks have agreed to give the federal revenue minister information from the accounts of the Cayman Islands financial institution to help the government crack down on Canadian tax evaders.

The Royal Bank and Citibank -- neither of which opposed the federal demands -- have 120 days to hand over records from January 1, 2009, through December 31, 2015, including account statements, deposit slips, cheques, bank drafts and wire transfer orders.

The Canada Revenue Agency (CRA) plans to use the data to see if Canadian residents used Canadian dollar accounts opened with Cayman National Bank to transfer funds to Canada and avoid reporting taxable income from their foreign holdings.

The move is part of the government's ongoing efforts to fight offshore tax evasion, said revenue agency spokesman David Walters. "The CRA is committed to combating the abusive use of offshore jurisdictions and protecting the integrity of the Canadian tax system."

Walters said the latest court actions are unrelated to the so-called Panama Papers trove of leaked data, which exposed the offshore dealings of many high-profile people around the globe.
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reg dahl:

NON PRODUCER LAWS! All levels of government need limits on what they do and what they take! Period.


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