Credit Suisse is being investigated over suspicions it helped around 2,650 Belgian clients hide money in Swiss bank accounts.
The Belgian federal prosecutor’s office, FMF Federaal Parket Office, told International Adviser that it launched an investigation into the Swiss private bank after it retrieved a list of Belgian residents that held an active account with Credit Suisse between 2003 and 2014.
Eric Van Duyse, head of communication at the FMF Federaal Parket Office, said: “A file was opened to inform on money laundering and illegal exercise of the profession of financial intermediary at the expense of Credit Suisse, as well as the Belgian clients/residents of Credit Suisse, who have not yet regularised their situation.”
The investigation is at the fact-gathering stage and there is no guarantee that it will result in formal charges.
Response
Credit Suisse said in a statement that the bank “applies a strict zero-tolerance policy and wishes to conduct business with clients who have paid their taxes and fully declared their assets”.
“We strictly comply with all the applicable laws, rules and regulations in the markets in which we operate.”
Credit Suisse is not the only Swiss banking group to be investigated over client tax affairs.
Switzerland’s Federal Supreme Court ruled against UBS and approved the transfer of client data to France.
The covid-19 pandemic delayed UBS’ appeal of the conviction and €4.5bn (£4.3bn, $5.3bn) penalty for helping wealthy French clients stash undeclared funds in offshore accounts.
