Credit Suisse Delivers 130 Clients Data to IRS


According to a report by Swiss weekly Sonntagszeitung on Sunday, Swiss banking giant Credit Suisse will hand over banking details of 130 of its US clients suspected of tax evasion to the US Justice Department after the IRS formally requested for information of such account holders. Last week, Credit Suisse confirmed that the IRS requested information on its clients who indirectly held accounts with the bank through corporations and the Swiss government had directed the bank to release the data. But the bank declined to say when it would comply with the directive.

Over the last two years, the famed notion of Swiss banking secrecy that made Switzerland the world’s foremost country for offshore bank accounts of wealthy individuals and companies seeking to evade taxes in their home countries has been dispelled. 2009 was the landmark year when UBS Bank of Switzerland was found guilty of abetting wealthy Americans dodge taxes through depositing their taxable assets in UBS bank accounts.

As a result, UBS was fined and paid $780 million to escape criminal prosecution and cancellation of its license in the US. On top of that, the bank was made to hand over banking details of 4,450 of its American clients suspected of tax evasion.

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