Offshore

Swiss Cantonal Bank Tangles With US Over Tax Evasion Claims - Report

Tom Burroughes Group Editor London 13 November 2013

Swiss Cantonal Bank Tangles With US Over Tax Evasion Claims - Report

Zürcher Kantonalbank, which this week was classified as systemically important – “too big to fail” - by the Swiss National Bank, has come in for criticism from New York prosecutors for allegedly helping US citizens evade taxes.

Zürcher Kantonalbank, or BCZ, which this week was classified as systemically important – “too big to fail” - by the Swiss National Bank, has come in for criticism from New York prosecutors for allegedly helping US citizens evade taxes, according to a report by Tribune de Genève.

US authorities are seeking client data from BCZ; a petition has been filed by a Manhattan court to force the firm to deliver the documents, the French-language newspaper, based in Geneva, said.

Prosecutors claim that BCZ has helped US taxpayers evade taxes. Three employees of this organisation were charged last year, the publication said. The prosecution already has data from 371 US clients who had unreported accounts with the cantonal bank, the report said.

The bank, after contact from WealthBriefing, later said in a statement: "Zürcher Kantonalbank has notice of US authorities recieving the permission to issue “John Doe Summons” on two of our correspondent banks. This kind of summonses are standard requests on these correspondent banks in case of investigations by IRS. The current summonses should clarify, whether clients of Zürcher Kantonalbank made transactions via these correspondent banks. Zürcher Kantonalbank is not the addressee of these summonses and Zürcher Kantonalbank is not requested to provide information to the authorities."

 

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