US tax authorities target Credit Suisse

BANKING GIANT Credit Suisse is being investigated by US tax authorities to determine whether or not it helped US customers evade taxes.

The Swiss bank said it had been notified that it was being investigated but claimed that this was part of a wider industry investigation; the company confirmed that it would co-operate with the authorities subject to Swiss legal objections, the BBC has reported.

In February, four of the bank’s employees were indicted for helping US citizens hide money to evade tax.

The US threatened Credit Suisse with legal action if it failed to hand over the details of 4,450 US customers suspected of tax dodging. In June last year, the Swiss parliament passed legislation permitting the country’s banks to share customer details with US tax authorities.

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