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| Credit Suisse embroiled in major global tax evasion inquiry | |
| (35 minutes later) | |
| 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. | 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. |
| 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. | 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. |
| 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 investigation will focus on “senior employees” and a number of customers. | |
| 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. | 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. |
| Doorzoekingen tijdens internationale actiedag in verband met onderzoek naar #zwartsparen bij een #Zwitsersebank: https://t.co/dhymVvlyHr. pic.twitter.com/VRha4rlTHb | Doorzoekingen tijdens internationale actiedag in verband met onderzoek naar #zwartsparen bij een #Zwitsersebank: https://t.co/dhymVvlyHr. pic.twitter.com/VRha4rlTHb |
| 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. | 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. |
| Numbered Swiss accounts, notorious for their use in concealing funds, were used by Australians caught up in the investigation, 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 individuals are said to have links to Swiss bank staff responsible for managing relationships with high net worth clients. | 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 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.” | “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. | 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. | 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. | 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 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. | “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.” | “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.” | 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. | 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. | “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.” | “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. | Dutch prosecutors said the inquiry was being coordinated by Eurojust, a European Union agency based in the Hague which deals with judicial co-operation. |