HMRC, alongside authorities in the Netherlands, Australia, Germany and France, have launched a criminal investigation into possible tax evasion and money laundering by Swiss bank, Credit Suisse which has had its offices raided in five countries
Credit Suisse has confirmed that it has had five of its European offices raided, issuing a statement saying ‘on March 30, 2017, Credit Suisse offices in London, Paris and Amsterdam were contacted by local authorities concerning client tax matters. We are cooperating with the authorities.’
The prosecutors, Netherland’s Fiscal Information and Investigation Service (FIOD), has not yet named the bank.
The FIOD is investigating 55,000 bank accounts and has seized assets including a gold bar, paintings, a luxury car and jewellery.
From 2013 Credit Suisse has applied the withholding tax agreement between Switzerland and the UK as well as implementing the Dutch and French voluntary tax disclosure programmes. Credit Suisse has also implemented the automatic exchange of information for its European locations ready for implementation in April.
HMRC said: ‘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.
‘As this an ongoing investigation HMRC are unable to provide any further detail at this time.’
Currently the UK government is in the final stages of finalising the Criminal Finances Bill, set to come into force this year, which makes all banks and accountants criminally liable for failing to prevent the facilitation of tax evasion.
The FIOD’s statement is available here.
