US opens tax in­ves­ti­ga­tion on Swiss banks

The Pak Banker - - Front Page -

NEW YORK: The Jus­tice Depart­ment has opened a crim­i­nal in­ves­ti­ga­tion into small Swiss re­gional banks which may have helped Amer­i­cans evade taxes, the New York Times re­ported, cit­ing two peo­ple briefed on the mat­ter.

The in­ves­ti­ga­tion will also look at Wall Street banks that pro­vide bank­ing ser­vices to these re­gional banks, known as can­tonal banks, the paper said in an ar­ti­cle.

The Wall Street banks might have been used by the re­gional banks to pool client money so in­di­vid­ual clients could not be iden­ti­fied by U.S. au­thor­i­ties, the paper said.

A spokesper­son for the Jus­tice Depart­ment was not im­me­di­ately avail­able. The depart­ment was closed on Fri­day for the Christ­mas hol­i­day.

The new in­ves­ti­ga­tion will fo­cus on Basel-based Basler Kan­ton­al­bank, the paper said. Ear­lier this month a for­mer UBS banker pleaded guilty to charges he helped wealthy Amer­i­can clients hide their money from U.S. au­thor­i­ties. Renzo Gadola, a Swiss cit­i­zen, was charged with help­ing clients shift their un­de­clared money from UBS ac­counts to Basler Kan­ton­al­bank. -PB News

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