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HMRC confirms it is involved in major global tax investigation Credit Suisse embroiled in major global tax evasion probe
(about 1 hour later)
UK tax authorities have launched an investigation into suspected tax evasion and money laundering by an unnamed “global financial institution” and some of its employees. Credit Suisse is at the centre of an international tax evasion investigation into 55,000 suspect bank accounts, which has involved the seizure of assets including a gold bar, paintings and jewellery as part of co-ordinated action by authorities in Britain, the Netherlands, Germany, France and Australia.
“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,” HM Revenue & Customs said in a statement. Prosecutors have declined to name the bank, but Credit Suisse confirmed on Friday that its offices in London, Paris and Amsterdam had been visited by local authorities concerning “client tax matters”. Switzerland’s second largest lender said it was cooperating with the inquiries.
HMRC said it could give no further details about the inquiry as it was an ongoing investigation. The UK’s HM Revenue & Customs confirmed it had launched a criminal investigation into suspected tax evasion and money laundering by a global financial institution. The probe will focus on “senior employees” and a number of customers.
Earlier on Friday, Dutch investigators said they had seized paintings, a gold bar and jewellery and arrested two people as part of an international hunt for tax evaders, after receiving a tipoff about 55,000 suspect accounts at a Swiss bank. Dutch prosecutors said they are acting on evidence of “black” accounts used by individuals in various jurisdictions to park money at a single Swiss bank. Two arrests have been made in the Netherlands and the contents of bank accounts, real estate, luxury cars, dozens of paintings, jewellery and a single 1 kilogram gold ingot were seized on Thursday in raids on homes in The Hague, Hoofddorp, Zwolle and Venlo.
They said the raids took place on Thursday and were cooperating on the investigation with authorities in Britain, Germany, France and Australia.
UK and Dutch authorities did not identify the bank.
However, Swiss bank Credit Suisse said on Friday its offices in London, Paris and Amsterdam had been contacted by local authorities concerning client tax matters and it was cooperating with the authorities.
The HMRC said: “Yesterday HMRC, working with our international partners, launched a criminal investigation into suspected tax evasion and money laundering by a global financial institution and certain of its employees.
“The international reach of this investigation sends a clear message that there is no hiding place for those seeking to evade tax.”
The Dutch are “investigating dozens of people who are suspected of tax fraud and money laundering”, the prosecutors said in a statement.
Suspects deposited money in a Swiss bank and did not disclose that to authorities, the statement said.
The Swiss office of the attorney general said it was “disconcerted” by the way Dutch authorities had handled the matter and would demand an explanation.
The Netherlands’ office for financial crimes prosecution (FIOD) spokeswoman Wietske Vissers said the investigation would “continue for days and weeks” across the various countries. The Netherlands is investigating 3,800 Dutch leads.
Australia’s minister for revenue and financial services, Kelly O’Dwyer, said the country’s financial crime investigator was looking at 340 Australians linked to Swiss bank accounts, which she said were only identified by number.
“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.
Dutch authorities declined to give details of how the tipoff they received enabled them to connect the bank accounts to individuals.
The FIOD said it seized administrative records as well as the contents of bank accounts, jewellery, a luxury car, expensive paintings and a gold bar from houses in The Hague, Hoofddorp, Zwolle and the municipality of Venlo in the Netherlands.
Doorzoekingen tijdens internationale actiedag in verband met onderzoek naar #zwartsparen bij een #Zwitsersebank: https://t.co/dhymVvlyHr. pic.twitter.com/VRha4rlTHbDoorzoekingen tijdens internationale actiedag in verband met onderzoek naar #zwartsparen bij een #Zwitsersebank: https://t.co/dhymVvlyHr. pic.twitter.com/VRha4rlTHb
The people arrested, one in The Hague and one in Hoofddorp, were not identified.
Vissers referred questions about investigations in the other countries to their national police and to Eurojust, the EU agency that coordinates cross-border prosecutions, for further information. The country’s Fiscal Information and Investigation Service (FIOD), which focuses on tax crimes, has data on thousands of account holders, with dozens under investigation for tax evasion and money laundering. More actions would follow in the coming weeks, the agency said, in a statement released on Friday.
Eurojust could not immediately be reached for comment. Numbered Swiss accounts, notorious for their use in concealing funds, were used by Australians caught up in the probe, a federal minister said on Friday. More than 340 individuals are alleged to have actively promoted and facilitated tax evasion schemes, according to Australia’s minister for revenue and financial services Kelly O’Dwyer.
The Dutch government has passed information to the other countries about 55,000 suspect accounts at the bank. The individuals are said to have links to Swiss bank staff responsible for managing relationships with high net worth clients.
“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 in a statement.
“The message from these investigations makes it clear that governments worldwide are shining a light on offshore tax evasion, and it’s only a matter of time before you’re in the spotlight.”
In the coming week, Australia’s Serious Financial Crime Task Force will interview bank staff, taxpayers and lawyers.
Britain has also warned of further action, saying the first phase of the investigation will focus on employees of the bank in question.
HMRC said in a statement: “Yesterday HMRC, working with our international partners, launched a criminal investigation into suspected tax evasion and money laundering by a global financial institution and certain of its employees.
“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.
“The international reach of this investigation sends a clear message that there is no hiding place for those seeking to evade tax.
“Promoters and facilitators of tax evasion schemes, and their customers, need to wake up to reality and accept that attempting to hide wealth overseas, or within institutions, doesn’t work and doesn’t place them out of our reach.”
A spokeswoman for Credit Suisse confirmed bank offices had been visited by authorities. In a statement the bank said: “On 30 March 2017, Credit Suisse offices in London, Paris and Amsterdam were contacted by local authorities concerning client tax matters. We are cooperating with the authorities.”
Credit Suisse referred to a tax agreement signed between Switzerland and the UK under which holders of Swiss accounts would not need to disclose their savings or their identities to HMRC so long as they agreed to pay a levy collected by their bank.
“Since 2013, Credit Suisse applies the Withholding Tax Agreement between Switzerland and the UK.
“We have implemented the Dutch and French voluntary tax disclosure programmes and exited non-compliant clients ... Credit Suisse continues to follow a strategy of full client tax compliance.”
Dutch prosecutors said the inquiry was being coordinated by Eurojust, a European Union agency based in the Hague which deals with judicial co-operation.