Credit Suisse probed in Italy in tax evasion case

9th March 2016, Comments 0 comments

Credit Suisse is under investigation in Italy in connection with a case looking into allegations that the Swiss bank helped wealthy clients transfer undeclared funds offshore, Italian judicial sources said on Wednesday. Credit Suisse offices in Milan were searched by Italian police in December 2014 as part of an investigation by Milan prosecutors. The enquiry regards an alleged fraudulent system used to transfer up to €14 billion (CHF15.4 billion) to offshore accounts mainly through the use of insurance policies, the judicial sources said. Credit Suisse said in a statement on Wednesday its business was “systematically focused on declared assets and we have clear internal rules and processes in place to ensure that we conduct our business in accordance with the applicable laws in Italy”. It added: “In connection with the [voluntary tax] disclosure programme approved by the Italian government in December 2014, Credit Suisse immediately asked its clients to provide ...


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