Investigators make a big bust for tax fraud

Investigators make a big bust for tax fraud

Authorities in london, paris and amsterdam searched rooms of the swiss bank credit suisse on suspicion of tax fraud.

Documents were taken away, a bank spokesman in zurich said on friday. According to these reports, the searches had already taken place on thursday.

Dutch tax investigators raided a number of homes in several towns across the country in search of tax evaders. This was announced by the tax investigation department (FIOD) in the hague.

They had received information about 3800 dutch account holders who had hidden "many millions of euros" in swiss bank accounts, it said. The authorities are cooperating in this matter with tax investigators in switzerland, germany, australia, great britain and france. No further details were given on the outcome of thursday’s searches. However, documents, a luxury car, dozens of paintings, jewelry and gold objects were confiscated.

The swiss authorities were disconcerted that they had not been involved in this operation. "The applicable customs and rules of international cooperation and mutual legal assistance have obviously not been observed here," the federal prosecutor’s office announced. It is awaiting a written declaration from the lead dutch authorities.

The bank is cooperating with the authorities, credit suisse said. It applies agreed tax transparency agreements in all countries and has terminated relationships with "non-tax compliant" customers. "Credit suisse has also implemented the automatic exchange of information, which will come into force in april 2017, for its european locations. The same standard will apply from 2018 for european individual customers who are serviced from switzerland," she said.

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