Belgium investigates Credit Suisse over hidden bank accounts
A spokesman for the Belgium prosecutors said the Credit Suisse case concerned up to 2,650 Belgian clients, although some may have already declared their funds to the tax authorities.
Keystone / Walter Bieri
Belgian prosecutors have launched an investigation into whether Swiss bank Credit Suisse helped some 2,650 Belgians hide money in Swiss accounts.
This content was published on
2 minutes
Keystone-SDA/Reuters/Bloomberg/sb
The investigation by federal prosecutors is at the information-gathering stage, looking for evidence of money laundering and whether the Swiss bank acted as an illegal financial intermediary, a spokesman for the prosecutors said on Monday. However, no formal charges have been brought.
The probe concerns accounts held between 2003 and 2014 on which Belgian prosecutors received information last year from French authorities, who have also conducted their own investigations into the bank and French customers.
The spokesman said the case concerned up to 2,650 Belgian clients, although some may have already declared their funds to the tax authorities.
“We strictly comply with all the applicable laws, rules and regulations in the markets in which we operate,” Credit Suisse told Reuters in a reply to a request for comment on the investigation.
The bank wishes to conduct business with clients who have paid their taxes and fully declared their assets, it added.
Over the past decade Swiss banks have been caught in tax crackdowns after investigations by European and United States authorities.
UBS was the first Swiss bank to be charged with aiding and abetting US tax evaders – a case that sparked the end of Swiss banking secrecy, the demise of Wegelin private bank and a number of other convictions and settlements.
It then faced an ongoing legal battle in France where it was fined a record €4.5 billion in February 2019 for helping wealthy French clients stash undeclared funds in offshore accounts. UBS has denied any wrongdoing and appealed but the Covid-19 pandemic has delayed the process.
In 2016, Belgium charged UBS with money laundering and serious and organised tax fraud. Prosecutors suspected the Swiss bank of having directly, and not via its Belgian subsidiary, approached Belgian clients to convince them to set up structures aimed at evading taxes. UBS denied the charges.
In August 2019 HSBC’s Swiss private banking arm agreed to pay nearly €294m to settle a Belgian criminal probe into allegations it helped wealthy clients dodge hundreds of millions of euros in taxes.
Popular Stories
More
Climate adaptation
Why Switzerland is among the ten fastest-warming countries in the world
Living longer: What do you think about the longevity trend?
The longevity market is booming thanks in part to advances in the science of ageing. What do you think of the idea of significantly extending human lifespan?
Has your continent reached its peak or is there still potential for economic growth?
Some regions of the world are on an upward trajectory with the promise of a steadily improving future. Where do you live? And in which direction is your region or continent developing?
Swiss households to move as Brienz landslide threat rises
This content was published on
Twenty-five households are planning to voluntarily leave the Swiss village of Brienz, which is threatened by a major landslide.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
The key criminal probes involving Swiss banks
This content was published on
Following fines linked to Malaysia’s 1MDB scandal, other outstanding criminal probes still hang over the heads of Switzerland’s banks.
UBS to appeal record €3.7 billion French tax fraud fine
This content was published on
A French court on Wednesday found Swiss bank UBS guilty of illicit solicitation and laundering of the proceeds of tax fraud, imposing a hefty fine of €3.7 billion (CHF4.2 billion).
This content was published on
“The Swiss bank is suspected of having directly, and not via its Belgian subsidiary, approached Belgian clients to convince them to set up structures aimed at evading taxes,” they said in a statement. UBS External linksaid in an email statement sent to swissinfo.ch that: “We take note of this next step in the proceedings in…
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.