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  1. Wealth
April 14, 2009

Guardian: Credit Suisse to close US accounts

By Spear's

The Swiss bank Credit Suisse is edging towards closing the accounts of thousands of American customers as tax authorities in Washington step up a campaign against offshore banking secrecy.

From the Guardian:

The Swiss bank Credit Suisse is edging towards closing the accounts of thousands of American customers as tax authorities in Washington step up a campaign against offshore banking secrecy.

According to reports in the Swiss media, Credit Suisse has between 2,500 and 5,000 US clients with Sfr3bn (£1.78bn) in accounts undeclared to the Internal Revenue Service.

A Sunday paper, Sonntagszeitung, reported that customers are being given a choice of moving their money to a subsidiary, CS Private Advisers, which would declare financial details to the US authorities. Alternatively, they will be sent a cheque for the balance of their funds.

To read the full article, visit guardian.co.uk

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