Huffpost Business

Credit Suisse, Other Swiss Banks Summoned To Explain Tax Evasion Actions

Posted: Updated:

ZURICH - Swiss banks accused of helping Americans to dodge taxes have been summoned to a parliamentary committee hearing this week at which they will be asked to explain their actions, Swiss newspaper NZZ am Sonntag reported on Sunday.

Credit Suisse (CSGN.VX), Julius Baer (BAER.VX) and Basler Kantonalbank (BSKP.S) have all been called to answer questions, the newspaper reported, citing documents from the Foreign Affairs Committee of the lower house.

The hearing is set to take place on Monday and Tuesday, the newspaper said.

Representatives from the banks will be asked to explain which rules they used for their business with private U.S. clients in America and Switzerland.

The United States has been pushing for Switzerland to supply information on bank clients who may have evaded taxes.

Credit Suisse (CSGN.VX) is the target of a formal U.S. investigation. U.S. authorities are also looking into whether smaller Swiss private banks and cantonal banks, including Basler Kantonalbank and Julius Baer helped wealthy Americans dodge taxes.

(Reporting by Katie Reid; Editing by Sophie Walker)

Copyright 2011 Thomson Reuters. Click for Restrictions.

Around the Web

Taxation in Switzerland - Wikipedia, the free encyclopedia

Tax avoidance and tax evasion - Wikipedia, the free encyclopedia

Swiss Banker Blows Whistle on Tax Evasion -

Treasury strikes tax evasion deal with Switzerland to recoup unpaid ...

Swiss banks summoned to hearing on US tax evasion-paper

Tax evasion suspects given chance to come clean

DOJ: Two Swiss Bankers Charged With Tax-Evasion Conspiracy

Swiss Bid to Settle US Tax-Evasion Dispute After UK Accord

Offshore Tax Scorecard: UBS, Credit Suisse, HSBC, Julius Baer