Credit Suisse snared in worldwide tax probe

Credit Suisse snared in worldwide tax probe
Credit Suisse snared in worldwide tax probe
Author

01 April, 2017

"We have implemented Dutch and French voluntary tax disclosure programs and exited non-compliant clients", the bank said in the statement.

Similar operations were carried out in Britain, France, Germany and Australia, all focused on clients who "deposited their money in the same Swiss bank", according to a statement from the National Prosecutor's Office for Serious Fraud, Environmental Crime and Asset Confiscation (FIOD). Credit Suisse was fined $2.6 billion in the U.S.in 2014 for helping Americans evade taxes.

"The fact that these accounts are unnamed means that by their very nature they are likely to have been established to hide the identity of the owner", O'Dwyer said.

A statement from Dutch prosecutors made no mention of Credit Suisse, Switzerland's number two bank.

The Netherlands has focused efforts in the past few years on tracking down illicit savings in foreign bank accounts and operated an amnesty for savers.

Meanwhile, Credit Suisse issued a short statement confirming only that the bank's offices in the three European cities had been "contacted by local authorities concerning client tax matters" on Thursday. The name of the bank involved hasn't been disclosed. The tip triggered raids in five countries, which began on Thursday. The other confusing aspect of this whole affair, namely that Europeans still save money at a time of negative interest rates, we will leave to the philosophers to debate.

More news: Trump says he expects a health care deal soon

Dutch prosecutors responded that Swiss authorities had been left out of the investigation because none of the suspects were Swiss - they were just linked to secret Swiss bank accounts.

Dutch investigators added that more actions will be carried out in the coming weeks.

It said questioning of witnesses was continuing, that more actions were expected in coming weeks, and that global co-operation "will be intensified". Bank officials declined to comment further.

"The worldwide reach of this investigation sends a clear message that there is no hiding place for those seeking to evade tax", Her Majesty's Revenue and Customs said.

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". Officials have refused to identify which bank is being investigated as part.


More news


  • Can Manchester United catch Tottenham Hotspur in second?

    Stressing the need for a win in London, the youngster told his club's official website: "We need a win there". We face lots of games - lots of very important games in a few days that will define our season.

    Jaap Stam Comments On West Ham United Link

    We are able to climb up several spots if we win matches, we are able to go several spots down if we don't win matches. I am totally focused on my job and our next game. "I have a good relationship with both of them", he said.

    Activists to target lawmakers who vote against net privacy rules

    While Thursday's vote doesn't mean there are any immediate changes, the measure has been slammed by online privacy advocates. Republicans and industry groups have blasted that discrepancy, saying it was unfair and confusing for consumers.
  • Merkel's party CDU remains largest in German election

    Merkel's party CDU remains largest in German election

    Sunday's results in Saarland were certainly disappointing for the SPD, but the elections were admittedly very, very close. The Greens did not meet the 5 percent threshold required to enter the state assembly.
    Palmer Luckey is out at Facebook

    Palmer Luckey is out at Facebook

    Palmer Luckey, the co-founder of Oculus VR and designer of the Oculus Rift, is stepping down from his position at the company. Several developers announced they would pull their support of the Oculus Rift headset after Luckey's donation became public.

    Self-Inflicted Collapse Chokes GOP Effort to Undo 'Obamacare'

    Trump said Friday "it won't be in the very distant future" before he tries again. "This is a setback no two ways about it". Friday's events cast doubt on whether Ryan can get major legislation approved by fractious Republican lawmakers.
  • Judge Okays $97 Million Settlement to Replace Flint's Water Lines

    Judge Okays $97 Million Settlement to Replace Flint's Water Lines

    The settlement, accepted by a federal judge, resolves just one of the civil lawsuits filed against state and city officials. Jones reportedly has a history of vocalizing concerns about chemicals being added to the city's water supply.

    Jeurys Familia suspended 15 games for violating Major League Baseball domestic violence policy

    Familia has been suspended 15 games for violating baseball's domestic-violence policy, FOX Sports' Ken Rosenthal reports. Familia left camp for a meeting in NY on Monday with commissioner Rob Manfred and returned to the Mets on Tuesday.

    Coast Guard seizes $420M in cocaine from Canadian boats

    Coast Guard officials say the Canadian vessel was involved in one case, seizing an estimated one tonne of cocaine. They're delivering violence, corruption and instability.
  • Oil stable on falling Libyan output, but bloated United States market still weighs

    The falls came after two days of price increases which supported Brent above $50 a barrel and lifted WTI close to that level. Brent for May settlement was 29 cents higher at US$51.62 a barrel on the London-based ICE Futures Europe exchange.
    Ford recalls 440K vehicles for fire risk, door latch trouble

    Ford recalls 440K vehicles for fire risk, door latch trouble

    About 208,584 of the affected vehicles are in the US and federalized territories, 21,854 are in Canada and 318 are in Mexico. It's adding another 211,000 vehicles to the mix, including the 2014 Fiesta, 2013-2014 Fusion and the 2013-2014 Lincoln MKZ.
    ICICI Bank partners Truecaller for UPI-based mobile payment

    ICICI Bank partners Truecaller for UPI-based mobile payment

    Truecaller won't be keeping a database of user's information including account details or the credit/debit card details. Google Duo is a simplified video calling app from Google that's meant to make video calling as simple as a voice call.