Police Federation quits Nordea Bank over tax-evasion claims

Revenue lost to tax evasion could have prevented government cuts to the police force, union says, joining a number of other organisations which have moved their accounts away from the bank after involvement in tax havens came to light earlier this year.

Poliisi-kyltti auton katolla.
Image: Yle

The trade union representing Finland’s police forces has added its name to the list of organisations which have quit Nordea bank in protest over the firm’s involvement in tax havens.

In a statement on Thursday the Finnish Police Federation announced it is moving its accounts to a different bank, and is stopping all cooperation with the Nordea group. The group said its decision was in part based on the revelations that Nordea has helped its clients found companies in tax havens and evade tax.

The federation said that the revenue the government has lost to tax evasion could have prevented proposed cuts to the police force. The statement was first reported in the business newspaper Talouselämä.

The move makes the federation the third trade union body to end relations with the bank following the coming to light of tax evasion revelations in the so-called Panama Papers – millions of documents leaked documents from a leading Panama-based law firm earlier this year.

Previously the transport workers’ union AKT and industrial workers’ union TEAM left Nordea bank, citing the leaks, as did political parties including the Social Democrats, Left Alliance and Finns Party.

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