Credit Suisse has been placed under
investigation in Milan in a probe into huge alleged tax fraud
perpetrated via fake insurance policies. Italian tax police have
for some time been carrying out checks on 13-14,000 Italian
clients who are believed to have taken some 14 billion euros
abroad, police said. The transactions allegedly took place
between Liechtenstein and Bermuda, police said, to dodge Italian
tax authorities. During the period between 2008 and 2012,
Germany, Brazil, and the United States began a series of
investigations into the use of Credit Suisse accounts for tax
evasion. In May 2014, the company pleaded guilty to decades of
conspiring to help US citizens "hide their wealth" in order to
avoid taxes, and agreed to pay $2.6 billion in fines.
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