The accounting firm KPMG claims it has been "cleared of any wrongdoing" by a months-long Canada Revenue Agency criminal probe into an offshore tax scheme that allowed wealthy Canadians to receive tax-free funds.
"KPMG fully and voluntarily cooperated with a thorough investigation. The investigation concluded and KPMG was cleared of any wrongdoing," KPMG spokesperson Tenille Kennedy said in a brief email on Tuesday.
The firm was responding for the first time to requests for comment from Radio-Canada, which reported Tuesday that the CRA investigation into this file had been completed for more than a year and that its conclusions had not been made public.
According to a series of reports published by CBC and Radio-Canada since 2015, KPMG set up a system through which wealthy Canadians transferred assets to the Isle of Man tax haven and then recovered the funds tax-free.
The CRA had argued in court documents that this scheme was created in 1999 to "deceive" tax authorities.
More to come ...