Swiss Bank to Reveal Suspected Tax Evaders

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Swiss Bank Clariden Leu AG has sent letters by registered post to US account holders suspected of hiding their assets in their accounts to evade taxes informing them that they will disclose their identities to the IRS. This follows in the heels of a similar action Tuesday by Clariden Leu’s parent bank, Credit Suisse who sent out its own letters to its own clients. Clariden Leu is Switzerland’s oldest private bank.

In their separate letters, both Clariden Leu and Credit Suisse informed their American clients that the IRS has requested them to disclose personal details of accounts maintained anytime between January 1, 2002 and December 31, 2010. This is in accordance with the double taxation treaty between the United States and Switzerland.

In its website, Clariden Leu said, “The US Internal Revenue Service (IRS) recently submitted a request for administrative assistance to the Swiss Federal Tax Administration (SFTA) pursuant to the 1996 double tax treaty between Switzerland and the USA, seeking information with regards to accounts of domiciliary companies belonging to certain US persons as beneficial owners (the Treaty Request). In connection with the IRS Treaty Request, the SFTA has issued an order directing Credit Suisse AG to submit responsive account information to the SFTA.”

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