LGM, as it's known, had most of its staff at two subsidiaries in Hong Kong and London. The Paradise Papers leak includes millions of records from offshore law firm Appleby and the corporate registries of 19 tax havens. LGM's operations in Hong Kong had been routing as much profit as possible to the offshore parent company in Bermuda. Another board member mentioned that Hong Kong has a statute of limitations to reassess old tax returns. All the bank would say is that it "reviewed LGM's arrangements" before and after acquiring it "to ensure they conformed to BMO's policies."

Source: CBC News November 08, 2017 09:56 UTC