On 9 November last year I did a long blog on the Jyske Bank, based in Denmark. To cut to the quick, that blog suggested:
The result is that a major European bank is offering on its web site to use its "Company Manager" to set up an offshore trust and company for people resident in the EU which will enable them to hide behind that structure to avoid their obligations to pay tax. Nowhere does it mention that in some countries, at least, this might be a tax offence constituting evasion. Nor is it made clear that if the trust and its assets remain under the control of the settlor the trust is a bare trust and therefore void for tax planning in most countries. Such doubts are not even hinted at. Such blatant promotion of aggressive tax avoidance brings the entire banking sector into disrepute. I do hope that someone is giving serious attention to this bank's activities. They deserve it.
Well, my wish came true. Yesterday the story hit the Danish press in a big way - and was directly linked to that post. It even got on television - although due to an error by the journalist the wrong URL for this site was apparently read out. But take this as an example, if you can read Danish.
I'm told this morning that the The Danish Minister of Finance has just said that he will push for change in the EU after this story has come out to close this loophole in the law.
Blogging works. And thanks to Lars Fogt for picking up the story and getting it out in Denmark.