Credit Suisse Faces Tax Probe In UK, Other Countries

Swiss bank Credit Suisse (CS) is being investigated again for tax evasion and money laundering, following a tip to Dutch prosecutors about tens of thousands of suspect accounts, Reuters reports.

Neither the United Kingdom nor Dutch authorities specified Credit Suisse by name, but the FIOD did say its probe concerned a Swiss bank and "many millions" in tax revenues.

It says related investigations are under way in Britain, Australia, Germany and France.

The Dutch police, who did not name the bank, said they made two arrests and seized a range of goods yesterday, including paintings, jewellery and a gold bar.

"The first phase of the investigation, which will see further, targeted activity over the coming weeks, is focused on senior employees from within the institution, along with a number of its customers", they said.

More news: Lewis Hamilton and Mercedes on 'ominous' form as F1 season begins

Credit Suisse is cooperating with the authorities, the bank said in a statement on Friday from Zurich. Check back soon for further information.

Credit Suisse is conducting an internal investigation over whether staff breached compliance rules after three of its offices were searched in tax evasion probes, the head of its International Wealth Management division said on Friday.

"We have launched an investigation against clients of a bank", the spokesman said, declining to identify the lender.

Simone Meier, a spokeswoman for Credit Suisse, declined to comment.

The news will come as a further blow to Switzerland, which is already facing considerable worldwide pressure to tackle tax evasion. Eighty Swiss banks have entered into non-prosecution agreements with the Department of Justice in return for disclosing details on how tax evasion by their banking clients worked.

More news: Flames, smoke shoot out from Oakland building

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

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.

'Swiss bankers actively promoted Switzerland as a safe-haven for illicit money and conned people into thinking their secret would be safe because bank secrecy was part of the Swiss constitution. The probe had revealed "several thousand" bank accounts opened in Switzerland and not declared to French tax authorities, the office said, also without naming any financial institution. Those Australians identified held numbered accounts with a Swiss bank.

"The undeclared assets hidden within offshore accounts and policies are estimated in the millions of euros".

"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", Australia's Minister for Revenue and Financial Services, Kelly O'Dwyer, said in a statement.

More news: Sessions: Trump administration ready to take back money given to sanctuary cities


Popular
  • Pacers complete reunion, sign Lance Stephenson to three-year deal

    Pacers complete reunion, sign Lance Stephenson to three-year deal

    He never got to completely fill Stephenson's void, as George was hurt in his first year and the last year of the West-Hibbert era. Bird, as well as some of the leaders on the team, kept a close eye on Stephenson and gave him a steady stream of guidance.
    Brazil qualify for 2018 World Cup after Coutinho and Neymar down Paraguay

    Brazil qualify for 2018 World Cup after Coutinho and Neymar down Paraguay

    The result left Argentina fifth in the South American zone World Cup qualifying standings with 22 points from 14 matches. The Brazilians secured a direct spot for Russian Federation 2018 after third-place Uruguay lost 2-1 to Peru in Lima.
    India captain Kohli doubtful for fourth Australia test

    India captain Kohli doubtful for fourth Australia test

    However, a different camera angle later proved that the hand in question actually belonged to teammate Peter Handscomb. Former Australia captain Michael Clarke, meanwhile, has labelled the Trump comparisons as a "load of s**t".
  • UCLA's Lonzo Ball On Markelle Fultz: 'I Feel I'm Better Than Him'

    UCLA's Lonzo Ball On Markelle Fultz: 'I Feel I'm Better Than Him'

    Ball will be on ESPN's First Take tomorrow, surely babbling some more about how great of a player he is. For the second day in a row, Lonzo Ball publicly said he's better than Washington's Markelle Fultz .
    James Mattis urges Trump to be more aggressive in Yemen

    James Mattis urges Trump to be more aggressive in Yemen

    But Iran's actions in Yemen seem to reflect the growing influence of hardliners in Tehran, keen to preempt a tougher policy towards Iran signaled by U.S.
    Ford recalls 570K vehicles for fire risk, door latch trouble

    Ford recalls 570K vehicles for fire risk, door latch trouble

    Dealerships will replace the current two-piece driveshaft in favor of a three-piece unit with two center bearing brackets. Lastly, 84 brand-new 2017 Edge crossovers may not be completely welded across the top of their windshield headers.
  • Tencent drifts off course with Tesla

    The current share price indicate that stock is -3.46% away from its one year high and is moving 55.70% ahead of its 52-week low. Also, Director Kimbal Musk sold 2,500 shares of the business's stock in a transaction that occurred on Tuesday, January 3rd.
    Saints coach Payton: Team not looking to bring in Manziel

    Saints coach Payton: Team not looking to bring in Manziel

    He probably pulled some strings to get the meeting with Payton. "It was just a chance for me to visit with him", Payton told DeShazier.
    Ferrari's Vettel wins Aust Grand Prix

    Ferrari's Vettel wins Aust Grand Prix

    His lead for about two-thirds of the race was maintained and he went on to win the famous Italian team's first race since 2015. Daniel Ricciardo is planning a quick escape after his home race in Australia ended with a DNF finish.
  • 'Hard-fought victory': Flint seals deal to replace 18000 home water lines

    'Hard-fought victory': Flint seals deal to replace 18000 home water lines

    These sites will be phased out as need and demand drops according to the settlement. An agreement has been reached in a civil lawsuit involving the Flint Water Crisis.

    Scholes: Only Lyon can stop United winning Europa League

    The last seven Premier League meetings between these two sides have produced 27 goals - 3.86 per game, on average. Manchester City are looking to the double over Arsenal in a league season for the first time since 1975/76.

    Internet privacy bill vote coming in the House

    Bulk aggregate information, like how much data you used, were classified as non-sensitive and could be managed via opt-out. Although the US Senate voted in favor of this proposal, it will still have to pass through the House of Representatives .

CONNECT