The Obama Administration’s war on tax dodgers using foreign banking havens continues. Credit Suisse revealed on Friday that it had been formally placed under investigation by the US authorities over allegations it helped rich Americans evade tax.
Two years ago, Switzerland’s UBS, the world’s second biggest wealth manager by client assets, agreed to pay $780 million to settle US investigations into its Switzerland-based private bankers working for US clients. As part of a broader deal the bank was obliged to hand over the names of almost 5,000 American clients with offshore accounts to the US authorities.
After the investigation into UBS became public, some American clients of the bank shifted their funds to other Swiss banks or to more far flung havens in Africa and Asia.