CONTACT US

For any general inquiries, please fill in the following contact form:

Our websites never use cookies or other technologies such as pixel tags and web beacons. We only retain personal information when the contact section of our websites is filled. To proceed and get in touch with us through this format please read our Terms & Conditions, updated to be in line with the provisions of the GDPR, and tick this box to consent in us retaining the above information for contacting purposes only.

SUBMIT

Credit Suisse agrees to $110 million deal to settle Italy tax case: source

Credit Suisse agrees to $110 million deal to settle Italy tax case: source

Credit Suisse CNGN.S has agreed in principle to pay about 100 million euros ($110 million) to settle its tax position in Italy in a case involving allegations it helped clients transfer undeclared funds offshore, a source with direct knowledge of the matter said on Tuesday.

The agreement has not been finalised and until it is, and the money paid, the criminal investigation cannot be wrapped up nor can a decision be taken on whether or not to order a trial, other sources said.

Credit Suisse declined to comment.

The inquiry involves allegations that up to 14 billion euros ($15 billion) was transferred to offshore accounts mainly through insurance policies.

The Milan prosecutor's investigation, which began in 2014, focused on bank officials, consultants and hundreds of wealthy Italian clients, not on the bank itself.

But under Italian law a company can be held responsible if it failed to prevent, or try to prevent, a crime being committed by an employee that benefited the company.

In March the bank said its business was "systematically focused on declared assets and we have clear internal rules and processes in place to ensure that we conduct our business in accordance with the applicable laws in Italy."

(Reporting by Emilio Parodi, writing by Stephen Jewkes; Editing by Paola Arosio/Ruth Pitchford)

http://www.reuters.com/article/us-italy-creditsuisse-tax-idUSKCN12I2G8

MORE NEWS

Azerbaijani banker’s £1m diamond ring seized in ‘dirty money’ inquiry

Azerbaijani banker’s £1m diamond ring seized in ‘dirty money’ inquiry
Ring bought by Jahangir Hajiyev from Harrods department store confiscated by National Crime Agency.Police have seized a Cartier diamond ring...

Brexit deal: Theresa May suffers historic defeat in vote as Tories turn against her

Brexit deal: Theresa May suffers historic defeat in vote as Tories turn against her
Theresa May has pledged to face down a vote of no confidence in her government, after her Brexit deal was shot down by MPs in the ...

'We should deliver for the British people': Theresa May calls on rebel MPs to ...

'We should deliver for the British people': Theresa May calls on rebel MPs to back her vision for Brexit in key vote TODAY... or face handing the keys of Number 10 to Jeremy Corbyn
Theresa May has warned Tory rebels they risk a Jeremy Corbyn government and the break-up of the UK if they reject her Brexit deal in ...

Who's behind the blog

Who's behind the blog

SOCIAL MEDIA