On September 17, 2012, Credit Suisse announced that it would transfer more information on its money management activities for wealthy Americans to the U.S. This information will include more names of Credit Suisse employees in an effort to settle a tax evasion probe by the U.S. Department of Justice. A bank spokesman stated that Credit Suisse employees will be told before their names are disclosed to U.S. officials.
The handover, which at this point does not include any client names, is a part of ongoing negotiations between the Swiss government and U.S. Department of Justice and IRS, who accuse 11 Swiss private banks of helping American taxpayers to evade taxes through hidden Swiss bank accounts. Swiss banks, including HSBC, Credit Suisse and Julius Baer, have already provided about 10,000 employee names in an attempt to avoid the fate of private bank Wegelin, which broke up in January under threat of the U.S. indictment.
Former IRS Attorneys of Holtz, Slavett & Drabkin, APLC, are available to answer your questions about offshore bank compliance and available options. To schedule a consultation, please call (310) 550-6200.