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Credit Suisse giving information to US
Source: Agencies |
September 18, 2012, Tuesday
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Print Edition
Print Edition
CREDIT Suisse said it would transfer more information on its money management arm for wealthy Americans to US officials, including more names of its own employees, in an effort to settle a tax evasion probe.
For the first time, Credit Suisse employees will be told before their names are disclosed to US officials, a bank spokesman said, after previous transfers of information by banks drew criticism.
The handover, which does not include names of clients, forms part of ongoing negotiations between the Swiss government and US justice and tax officials, who accuse 11 Swiss private banks of helping Americans dodge taxes through hidden Swiss offshore accounts.
Transfers of information have sparked objections from Switzerland's privacy watchdog and a legal complaint against HSBC for handing over data on its employees, which a lawyer said infringed on Swiss privacy laws.
Banks including HSBC, Credit Suisse and Julius Baer have already passed on about 10,000 employee names in an attempt to avoid the fate of private bank Wegelin, which broke up in January under threat of indictment, bank employees and lawyers said.
The latest US investigation has rocked the Swiss private banking industry even after a landmark settlement with UBS in 2009, which handed over the names of more than 4,000 wealthy American clients and paid US$780 million after admitting wrong-doing.
Swiss officials have said US elections in November could complicate a settlement, initially expected by the end of 2012, of the dispute.
For the first time, Credit Suisse employees will be told before their names are disclosed to US officials, a bank spokesman said, after previous transfers of information by banks drew criticism.
The handover, which does not include names of clients, forms part of ongoing negotiations between the Swiss government and US justice and tax officials, who accuse 11 Swiss private banks of helping Americans dodge taxes through hidden Swiss offshore accounts.
Transfers of information have sparked objections from Switzerland's privacy watchdog and a legal complaint against HSBC for handing over data on its employees, which a lawyer said infringed on Swiss privacy laws.
Banks including HSBC, Credit Suisse and Julius Baer have already passed on about 10,000 employee names in an attempt to avoid the fate of private bank Wegelin, which broke up in January under threat of indictment, bank employees and lawyers said.
The latest US investigation has rocked the Swiss private banking industry even after a landmark settlement with UBS in 2009, which handed over the names of more than 4,000 wealthy American clients and paid US$780 million after admitting wrong-doing.
Swiss officials have said US elections in November could complicate a settlement, initially expected by the end of 2012, of the dispute.
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