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Credit Suisse is the next big bank blamed for large tax-evasion scheme

Healy Consultants
11 April, 2017

Large banks continue to find themselves embroiled in tax evasion investigations. When the second largest bank, in a country's as important in the world of finance as Switzerland, comes under suspicion, you know there is significant underlying tax-optimization issue among investors.

Late March 2017, Credit Suisse was suspected of having more than 55,000 bank accounts linked to tax evasion, and this is not a small number. Despite Switzerland's attempts to prove itself as something more than offshore business destination in the hearth of Europe, tax authorities continue to investigate the country and find personal and corporate accounts which remain undeclared.

Estimated tax losses amount to millions of euro for the Union. This investigation involved raids of Credit Suisse offices in major financial centres in EU, including bank branches in Netherlands, UK and France. This puzzled the Swiss public ministry, as the same was excluded from the investigation and kept aside during the raids lead by the Dutch Government and tax authorities.

All this being said, Switzerland is a reputable country and important financial centre, globally. While there may be difficult corporate and personal bank accounts linked with tax evasion, Healy Consultants agrees that the majority of new businesses in Switzerland remain with high integrity and follow strictly local and regional tax regulations. Furthermore, Swiss banks increase their compliance and global AML regulations to fit global trends in minimizing tax evasion and undeclared income schemes.

Tags: Euro | Government

About the Author

Healy Consultants

Healy Consultants Pte Ltd., provides a comprehensive range of business services and has been assisting investors worldwide to set up the optimum structure in Israel and China for many years. The services offered include company registration, banking solutions, accounting and tax and legal services and corporate support services.

To inquire more about Israel and China company setup options and schedule a conference call, email us at email@healyconsultants.com or call us on +65 6735 0120.

Web: www.healyconsultants.com



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