Credit Suisse investigated by five tax authorities

The bank said it was ‘co-operating with the authorities’.

It said Credit Suisse had applied the withholding tax agreement between Switzerland and the UK since 2013 implemented the Dutch and French voluntary tax disclosure programmes and ‘exited non-compliant clients’. In addition the bank has implemented the automated exchange of information for its European locations starting this April and was following ‘a strategy of full client tax compliance’.

HMRC reported that it had launched ‘a criminal investigation into suspected tax evasion and money laundering by a global financial institution’ – but did not identify the bank which identified itself.

The Revenue added: ‘The first phase of the investigation which will see further targeted activity over the coming weeks is focused on senior employees from within the institution along with a number of its customers.’

In 2014 Credit Suisse pleaded guilty to conspiracy to...