thered99.com

Business

United Kingdom raids in tax evasion probe linked to a Swiss bank

Share
Some 346 Aussies hold Swiss bank accounts

The Dutch prosecutors are "investigating dozens of people who are suspected of tax fraud and money laundering", according to the FIOD.

The European Union judicial agency Eurojust said on Friday it had helped coordinate cross-border investigations in a major tax evasion investigation involving millions of euros and spanning several European countries and Australia.

Investigators in the Netherlands arrested two people on Thursday, seizing a gold bar, paintings, jewellery and bank account information.

A major Swiss bank, Credit Suisse, issued a brief statement on Friday saying that local authorities had visited its offices in Amsterdam, Paris and London in connection with unspecified client tax issues.

It said later it had launched an internal probe.

"The Office of the Attorney General of Switzerland is disconcerted about the manner in which this has been organized with the conscious non-inclusion of Switzerland".

Dutch authorities declined to give details of how the tip-off they receive enabled them to connect the bank accounts to individuals.

"If the Swiss authorities wish to receive information on the investigation, we, the other countries involved and Eurojust, are always willing to discuss (that) with them", the FIOD said in a statement.

'Credit Suisse has had this coming for years and can not pretend it is unexpected or undeserved, ' said Milestone International Tax managing partner Miles Dean. French authorities said they had 25 agents working on the case.

Credit Suisse has previously been hit hard in tax probes.

Two people were detained in the Netherlands on suspicion of tax evasion, Dutch news provider "nltimes" reported.

Credit Suisse's next scandal has emerged: the bank is at the center of a Dutch-led tax investigation to root out millions held in an offshore Swiss bank account. The probe has allegedly discovered customers of the bank that are using Swiss bank accounts to avoid taxes.

The operations, coming just days before Credit Suisse in April begins a program of automatic information exchange with European countries, was set to again train an worldwide spotlight on a Swiss banking industry that has for years had a reputation as a haven of secrecy for tax evaders.

"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.

'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'.

Share