Credit Suisse snared in international tax probe
- Author: Tabitha Byrd Apr 01, 2017,
Apr 01, 2017, 1:19
The bank said it has "implemented Dutch and French voluntary tax disclosure programs and exited non-compliant clients", and has applied a withholding tax agreement with the United Kingdom since 2013.
It said related investigations are under way in the UK, Australia, Germany and France.
They said they had been tipped off about millions of dollars of undeclared assets linked to 3,800 Dutch-linked accounts in an unnamed Swiss bank.
USA regulators fined the bank $2.6 billion (2.4 billion euros) in 2014 for helping Americans evade taxes.
The financial fraud office said it had identified several thousands of accounts in Switzerland that were allegedly used to hide money.
According to the FT, statements by authorities in the United Kingdom and Netherlands did not mention Credit Suisse by name but suggested the inquiries were widespread with the potential to expand further.
Britain's Revenue and Customs office said that it on Thursday along with worldwide partners had launched a criminal probe into tax evasion and money laundering "by a global financial institution".
Credit Suisse has been caught up in an global tax investigation covering at least three countries.More news: Brazil close in on qualification for Russia 2018
Credit Suisse is cooperating with the authorities, the bank said in a statement Friday from Zurich.
There have been two arrests so far. The probe involved "the same Swiss bank" in all five countries, it said.
The raids were done without informing authorities in Switzerland, the attorney general's office in that country said, adding that it was astonished by that.
It said questioning of witnesses was continuing, that more actions were expected in coming weeks, and that global co-operation "will be intensified".
The tip that triggered the investigation came from one or more informers to a team in the FIOD, the criminal investigation service of the Dutch Tax and Customs Administration, said spokeswoman Wietske Visser. Bank officials declined to comment further. For the first time, Swiss banks in 2018 will start providing data on accounts to tax officials in countries abiding by Organization for Economic Cooperation and Development standards.
Credit Suisse's Khan said the 55,000 was "not a number that I can reconcile because as of today, in International Wealth Management in Europe, the total number of accounts is lower than 55,000".
It also made no mention of Credit Suisse, but said the investigation should serve as a stark reminder to institutions that aim to help clients evade tax.