Feb 17, 2017 - Swiss banks face withdrawals due to tax clampdown
Wealthy clients in 2016 pulled out almost US$30 billion of untaxed assets from three of the world's biggest private banks, UBS, Credit Suisse and Julius Baer, taking advantage of government programmes letting them pay tax on undeclared money.
January 23, 2017 - Treasury Nominee Mnuchin Supports Strong Dollar, Calling China Manipulator, Raising Debt Ceiling
“The IRS should hire more people,” Mnuchin said. He also vowed to close loopholes surrounding offshore entities, particularly those employed by hedge funds to shield profits from income tax. “It would be one of my great priorities. I hope that is at least a bi-partisan issue that we all can agree on,” Mnuchin said.
January 19, 2017 - Southern California Residents Plead Guilty to Hiding Millions of Dollars in Secret Foreign Bank Accounts
“The days of being able to safely hide income and assets offshore and evade U.S. tax have come to an end,” said Principal Deputy Assistant Attorney General Ciraolo. “The United States and foreign jurisdictions are sharing information and working together to ensure that citizens around the world are paying their fair share. The guilty pleas entered today are yet another example of what awaits U.S. taxpayers who continue to flout the law.”
January 19, 2017 - Credit Suisse to pay out $5.28bn settlement to US
As the hour of President-elect Donald Trump's inauguration approaches on Friday, the administration of President Barack Obama has hurriedly cleared a backlog of corporate and other settlements.
January 2, 2016 - Swiss banking secrecy nears end following new tax rules
According to the Swiss State Secretariat for International Financial Matters, Switzerland will now start collecting data on 1 January 2017 and exchange it for the first time in 2018.
December 22, 2016 - Swiss bank to pay billions to settle securities disputes
"Under the terms of the settlement, Credit Suisse would pay to the DoJ (US Department of Justice) a civil monetary penalty of $2.48 billion," the Swiss banking giant said in a statement.
December 21, 2016 - Credit Suisse resists US demand
The US Department of Justice has asked Credit Suisse to pay between US$5bil and US$7bil to settle a probe over its sale of toxic mortgage securities in the run-up to the 2008 financial crisis, a source with knowledge of the matter said, but the bank has resisted settling for that amount.
December 20, 2016 - U.S. proposed $5 billion - 7 billion penalty on Credit Suisse on toxic debt - source
"Credit Suisse is confident of reaching a better solution," said the second person. Should talks break down, U.S. legal authorities could sue the bank, prolonging the uncertainty.
December 2, 2016 - Credit Suisse sees Brazilian reforms spurring repatriation of assets
Wealthy Brazilians could repatriate around $7 billion (5.52 billion pound) in newly declared offshore investments in the next two years after a recent capital amnesty programme, spurring growth in private banking advisory services, a senior Credit Suisse Group AG executive said.
December 2, 2016 - Credit Suisse Said to Freeze Accounts in Search for U.S. Assets
The unusual move to freeze accounts came in the past week as the U.S. stepped up a Justice Department investigation into why Credit Suisse neglected to tell them about $200 million in assets held by an American client who pleaded guilty Nov. 4 to conspiring to defraud the IRS, according to several people familiar with the matter.
December 2, 2016 - Credit Suisse employee probed after bank money laundering report
Geneva prosecutors are investigating an employee at Credit Suisse Group AG and two former staffers after the bank flagged suspicious transactions to local anti-money laundering authorities, according to people familiar with the matter.
December 2, 2016 - Coutts managed tax haven firms for controversial clients
Coutts, the taxpayer-owned bank, provided offshore services to controversial clients including a member of the Brunei royal family accused of stealing billions from his own country, and a banker charged with assisting the sons of Egypt’s deposed president, Hosni Mubarak, in financial crime.
November 21, 2016 - J Safra Sarasin Group acquires Credit Suisse units in Gibraltar and Monaco
Oliver Cartade, a member of the board of directors of Bank JSS (Gibraltar), said: “We very much look forward to welcoming new clients and colleagues to J Safra Sarasin. This acquisition will enable us to further expand our footprint in Gibraltar.”
November 21, 2016 - Switzerland, Argentina sign key white-wash deal
UBS Ag and Credit Suisse, the largest private banks in the country, under pressure from the Swiss government, have already informed account holders that they will need to declare the money in their accounts. If they do not comply, the Swiss banks have warned their clients that they will be fined and have to withdraw their assets, or they will report the account information to Argentina government authorities.
November 16, 2016 - Credit Suisse Intensifies China Push
Credit Suisse has hired a former Royal Bank of Scotland banker as head of private banking in China. The move underscores the Swiss bank's belief that the region will be a major source of profits in coming years.