Credit Suisse Offices Raided In Multiple Tax Probes: Gold Bars, Paintings, Jewelry Seized

Friday, March 31, 2017
By Paul Martin

by Tyler Durden
Mar 31, 2017

Credit Suisse has confirmed that the Swiss bank, some of its employees and hundreds of account holders are the subjects of a major tax evasion probe launched in UK, France, Australia, Germany and the Netherlands, setting back Swiss attempts to clean up its image as a haven for tax evaders.

According to Bloomberg, Dutch investigators seized jewellery, paintings and even gold bars as part of a sweeping investigation into tax evasion and money laundering in the Netherlands. They added that the sums involved amounted to “many millions” of lost tax revenue.

Two individuals who were arrested on Thursday in connection with the raids were accused of concealing millions of euros from authorities by placing them, where else, in Swiss bank accounts, the Fiscal Information and Investigation Service said in a statement Friday. Criminal investigations are also underway in Australia, Germany, the U.K. and France.

The Swiss bank also said Friday that its offices in London, Paris and Amsterdam were raided Thursday by authorities in connection with client tax matters.

In a statement by the U.K. tax authority, it said it was investigating “senior employees” at a global financial institution. Australia’s Serious Financial Crime Taskforce said it had identified 346 of its citizens “with links to Swiss banking relationship managers alleged to have actively promoted and facilitated tax evasion schemes.”

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