German authorities are investigating cases of suspected tax fraud among customers of Credit Suisse. The situation of the second big Swiss bank thus is getting more complex still after raids against its offices in two European capitals last week.
Credit Suisse’ problems with investigations into suspected accounts with untaxed money are widening. The public prosecutor of Cologne, Germany, is also probing customers of the big Swiss bank, according to a report by «FAZ» newspaper.
The authorities are investigating more than a hundred clients in Germany, according to the report, which wasn’t commented upon by the prosecution in Cologne. The authorities haven’t yet been in touch with Credit Suisse (CS).
Ongoing Dutch Investigation
Dutch officials meanwhile are busy continuing their probe with searches of apartments and interviews, the tax investigators at FIOD told the German newspaper. They launched the international operation against the Swiss company after receiving information through a mysterious data leak.
Offices of Credit Suisse in Amsterdam and Paris were raided last week and authorities were in touch with the bank in London. In Australia, the law enforcement agencies are trying to identify 1,000 CS accounts suspected of containing so-called black money.
Defending Its Reputation
CS is doing all it can to defend its reputation. The bank emphasized that it scoured its European business starting in 2011 and that it demanded customers to proof their compliance with tax regulations.
The German investigators are an old and feared foe of Swiss banking – CS in 2011 paid 150 million euros to settle an investigation by the Germans. With this settlement, it was agreed that tax offences in Germany were done and dealt with. The question now is, whether the prosecution office in Cologne aims to reopen the case.
Morgan Stanley analysts have been quick with their conclusion that the Swiss bank will be asked to fork out yet more money to settle the latest claims.
