Milan Offices Searched By Italian Tax Police

January 8, 2015

Credit Suisse CSGN.VX said its offices in Milan were searched by Italian tax police last month, following media reports of an investigation into whether a Bermuda subsidiary of the bank helped wealthy Italians hide undeclared funds, Reuters is reporting.

According to Reuters, the searches follow a series of investigations against Swiss banks, including Credit Suisse, into their dealings with wealthy clients and hidden offshore accounts against the backdrop of international pressure on Switzerland’s secrecy laws.

“We can confirm that the Guardia di Finanza has conducted searches at our premises in Milan and that we are co-operating fully with the authorities,” a spokeswoman for Zurich-based Credit Suisse said.

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