Switzerland’s Migros Bank has agreed to pay €2.4 million (CHF2.65 million) to clear up cross-border tax evasion issues with Germany.
This content was published on
1 minute
swissinfo.ch/mga
Migros is one of several Swiss banks that have shelled out a penalty to avoid prosecution in the neighbouring country. Other banks to have made such an arrangement in the past include UBS, Credit Suisse and Julius Bär.
The Migros Bank settlement also protects its employees from prosecution, it was announced on Monday.
In recent years, the Swiss banking sector has come under the microscope of several countries that have uncovered citizens hiding money in Swiss accounts to avoid paying taxes.
Banks have generally avoided criminal prosecution by settling complaints out of court. In the United States, the Swiss government was forced to intervene to set up a large scale out-of-court settlement program between the Department of Justice and several Swiss banks.
Despite efforts to clear the slate of the Swiss banking sector, tax evasion investigations are still ongoing in some countries. UBS is awaiting a court verdict in France later this year, having appealed against a €4.5 billion tax evasion penalty imposed on the bank in 2019.
More
More
The business of secrecy has become even more lucrative, says whistleblower
This content was published on
Swiss whistleblower Rudolf Elmer tells Indian publication The Wire that tax evasion is still common despite international pressure to end it.
This content was published on
A majority of Swiss citizens have open attitudes towards various infertility treatments, including even egg donation, which is currently prohibited.
Reports of Swiss cyber fraud almost doubled in six months
This content was published on
The head of the new Federal Office for Cybersecurity (FOC), Florian Schütz, has presented a new strategy after just over four months in office.
Ecological status of Swiss streams insufficient according to study
This content was published on
Pesticide use and obstructions of waterways have a particularly negative impact on sensitive organisms, completely absent in 70% of streams analysed.
Train line between Brig and Domodossola interrupted
This content was published on
One day after a derailment approximately 15 kilometres from the Swiss border, BLS is running buses for passengers between Preglia and Domodossola, in Italy.
Swiss football boss wants crackdown on individual hooligans
This content was published on
The head of the Swiss Football League says he prefers a harsher approach to individual hooligans rather than collective punishment measures affecting all fans.
Amherd: Council of Europe is ‘as urgently needed as ever’
This content was published on
The Swiss government emphasised on Sunday the vital role of the Strasbourg-based Council of Europe, 75 years after it was founded.
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
Switzerland doing too little in fight against money laundering, says expert
This content was published on
The Swiss parliament has voted not to submit lawyers and financial advisors to due diligence requirements under the revised Anti-Money Laundering Act.
Switzerland shared bank account data with 66 countries in 2020
This content was published on
The Alpine nation shared financial account details with 66 partner countries this year as part of a global automatic exchange of information treaty. .
The business of secrecy has become even more lucrative, says whistleblower
This content was published on
Swiss whistleblower Rudolf Elmer tells Indian publication The Wire that tax evasion is still common despite international pressure to end it.
This content was published on
“The completion of the resolutions with the banks that participated in the Swiss Bank Program is a landmark achievement in the Department’s ongoing efforts to combat offshore tax evasion,” said Caroline D. Ciraolo, Principal Deputy Assistant Attorney General, in a statementExternal link released by the DoJ on Thursday. Between July and December 2016, four Swiss…
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.