US targets Credit Suisse in tax dodge probe

15/07/11 12:33 CET

corporate

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Credit Suisse said on Friday that is being investigated by US authorities for allegedly helping wealthy Americans evade tax by stashing large sums of money in secret Swiss bank accounts.

The Zurich-based bank said that it believes it is being targeted as part of an industry-wide probe.

Earlier this year, four Credit Suisse bankers were charged with conspiring to help American clients to evade taxes through secret accounts.

In 2008, Switzerland’s biggest bank UBS was fined 550 million euros after admitting wrong-doing on similar charges.

UBS, and other Swiss banks, have since stopped offering offshore banking services amid fear of further investigations by the US.

More about: Banking, Banking secrecy, Switzerland

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