Credit Suisse Scoffs At Reports Italian Authorities Seeking Data; Says Case Is Closed

Tom Burroughes

24 July 2017

has brushed off media reports that Italian tax authorities are seeking client data in the wake of the Zurich-listed bank’s agreement with officials last year.

A media report by Swiss news-wire AWP reported that Guardia di Finanza is demanding that its Swiss opposite number must hand over information on Italians with almost 10,000 clients at the bank. The request for legal aid arises from a probe by Milan’s prosecutor, the report said.

Last year, Switzerland’s second-largest bank reached an agreement of almost €100 million ($116 million) with Italian prosecutors.

This publication contacted the bank and in a statement, it said: “On December 14, 2016, the competent Italian judge approved the agreement entered into by Credit Suisse AG and the Italian authorities in October, 2016. The court approval marked the end of the investigation by Italian authorities into Credit Suisse AG's Italian cross-border business for the period from 2008 to 2015. Credit Suisse considers the investigation by the Italian authorities into Credit Suisse’s cross-border business as closed.”