Two of Frances biggest banks, BNP Paribas and Crédit Agricole, have challenged claims made by The International Consortium of Investigative Journalists (ICIJ) that they are involved in global offshore tax evasion.

The ICIJ said the "Offshore Leaks" files published on the 4 April 2013 revealed the two banks had used subsidiaries to help clients set up offshore companies in the British Virgin Islands, Samoa and Singapore.

The files published by ICIJ show BNP Paribas and Credit Agricole set up 56 and 36 international business companies respectively.

ICIJ reported BNP Paribas used it’s subsidiaries in Jersey, Hong Kong and Taiwan, while Credit Agricole used it’s Swiss arm, as well as Hong Kong and Singapore branches, to set up the companies.

 

BNP Paribas, Credit Agricole: report info no longer current

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A spokesperson for BNP Paribas told PBI the company "carries on its activity in strict compliance with the laws and regulations in force in France, Europe and the rest of the world," and information used in the reports was no longer current.

"The expectations of our wider society have changed over the past few years.

"For example, as regards European clients, we refuse to open accounts for legal entities registered in certain countries."

Credit Agricole also insisted they operated within laws and regulations of countries, and that they were aware of the identity of all its clients, something the ICIJ report suggested they may not have full knowledge of all it’s clients.

A company spokesperson told PBI they had been engaged "in a systematic and organised withdrawal of all funds placed in non-cooperatives states" since 2010.

 

Four private banks named in investigation

The offshore companies are used by clients in search of secrecy and lower tax rates, last week Credit Suisse and UBS, Switzerland’s two largest banks, were also named as being involved in setting up offshore companies.

All four banks have been linked to Portcullis TrustNet, a Singapore based service provider who specialise in setting up offshore business and turn key companies, (companies that can be incorporated within 48 hours).

Washington based ICIJ have obtained more than 2.5m files during their world wide investigation.

The files have revealed the names of thousand of people, offshore transactions and assets held in tax havens, including several high profile ministers from French President Francois Hollande cabinet.

A study published last year estimated that at least $21trn worth of assets were being held in offshore havens in 2010.