Update Zurich, Switzerland (GenevaLunch) - Credit Suisse has confirmed weekend Swiss media reports that it is restricting travel for staff in Germany, following an announcement Friday by the German government that it is investigating 1,100 cases of tax evasion and that the investigation includes looking at the role played by Credit Suisse staff. “We already have restrictions on travel in place and now these are being applied very strictly in the case of Germany,” a Credit Suisse spokesman told Reuters Sunday. A German official told Swiss magazine Blick the accounts could be worth an estimated €1.2 billion.
Germany has been threatening for months to use information it purchased in 2008, stolen from a bank in Liechtenstein, LGT, to investigate tax evasion cases. In recent weeks tensions have risen between Germany and Switzerland over Germany’s efforts to buy data held by France that was stolen from HSBC in Geneva.
Background, GenevaLunch
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News story, GenevaLunch, 21 March 2010.
Filed under: Business
Tags: banks, France, Germany, Liechtenstein, stolen data, Switzerland, tax evasion