Article content

MONTREAL — Prime Minister Justin Trudeau says the international community has to work together to make global finance more transparent to prevent the sort of inequality highlighted by the so-called Panama Papers scandal.

Trudeau says otherwise, rich investors will simply “hop” around to favourable jurisdictions where they can avoid paying tax.

We apologize, but this video has failed to load.

tap here to see other videos from our team. Try refreshing your browser, or Trudeau calls for global co-operation to crack down on offshore tax evasion in wake of Panama Papers scandal Back to video

He says the federal government knew tax avoidance was a problem long before the controversy put offshore havens in the headlines.

Trudeau was asked about the matter in Montreal, where the annual general meeting of the Royal Bank of Canada — the only Canadian bank linked to the data leak — was also taking place today.

RBC CEO Dave McKay defended the bank’s processes to detect and prevent tax evasion, but said he couldn’t comment on the specific information leaked because the bank hasn’t had a chance to verify any of it.

Media reports say the bank and its subsidiaries used Panamanian law firm Mossack Fonseca to set up more than 370 shell companies.