said it had been notified<\/a> that it was a “target” for investigation, but argued that this was part of a “broader industry inquiry”.<\/p>\nCredit Suisse said it would cooperate with the investigation “subject to Swiss legal obligations”.<\/p>\n
In February the US indicted four Credit Suisse bankers for helping taxpayers hide money in secret bank accounts.<\/p>\n
At the time, Credit Suisse had said that it was not part of the investigation.<\/p>\n
Tax crackdown<\/span><\/p>\nIn recent years US authorities have pressured several global banks to help them fight tax evasion.<\/p>\n
The US Department of Justice’s primary target was another Swiss bank, UBS.<\/p>\n
It threatened the Swiss bank with legal action if it failed to hand over the details of 4,450 US customers suspected of tax dodging.<\/p>\n
Following years of intense pressure from the United States, in June last year the Swiss parliament passed legislation permitting the country’s banks to share customer details with US tax authorities.<\/p>\n
UBS ended up paying a $780m fine, but more importantly the new legislation put an end to Switzerland’s famed banking secrecy.<\/p>\n
Earlier this year, US authorities said they were investigating the role of UK bank HSBC in helping Indian citizens living in the United States to evade taxes.<\/p>\n<\/div>\n
Originally posted here:
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