Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Credit Suisse offices faces tax probe in multiple countries

1 Comment
Credit Suisse offices faces tax probe in multiple countries

A number of Credit Suisse’s staff and clients are being investigated for tax evasion across a number of countries, the Swiss bank has admitted.

The company said that its offices in London, Paris and Amsterdam were searched by local authorities yesterday after they contacted the bank ‘concerning client tax matters’.

Credit Suisse said in a statement that ‘we are co-operating with the authorities’, pointing out that it has applied the Withholding Tax Agreement between the UK and Switzerland since 2013, along with similar arrangements with France and the Netherlands.

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.

HMRC said: ‘The international reach of this investigation sends a clear message that there is no hiding place for those seeking to evade tax.’

'Credit Suisse has had this coming for years and cannot pretend it is unexpected or undeserved,' said Milestone International Tax managing partner Miles Dean.

'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. That was until the Swiss came to blows with the Americas for marketing their wares in the US and actively helping US nationals evade US taxes.

'Any notion that Swiss banks are better at banking than other banks in other countries is simply untrue, they just don’t play by the rules.'

Credit Suisse has previously been hit hard in tax probes. The bank was fined $2.6 billion in the US in 2014 after pleading guilty to helping American citizens evade tax and it was also fined €150 million in Germany in a similar case back in 2011.

 

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Rathbones' Smith on China's economic hegemony ambitions

Rathbones' Smith on China's economic hegemony ambitions

Discussing China's saving problem, Ed Smith argues that if the country opens up there will be an outflow of capital.

Play Liontrust ESG head says sustainable investment doesn't mean low return

Liontrust ESG head says sustainable investment doesn't mean low return

Peter Michaelis talks about ethical investment growth and where he sees future opportunites.

Play Are platforms the biggest barrier to wealth manager ETF take-up?

Are platforms the biggest barrier to wealth manager ETF take-up?

Citywire hosted a roundtable discussion to find out how and if wealth managers are using ETFs in their clients' portfolios and the challenges they face trading through different platforms.

Read More
Wealth Manager on Twitter