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Italy demands data from Swiss bank customers

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Italy demands data from Swiss bank customers


Credit Suisse at Paradeplatz in Zurich
Image: Reuters

The major Swiss bank Credit Suisse is threatened with new trouble from Italy. Tax investigators want data on Italians who have invested a total of 6.7 billion euros in Switzerland.

DThe Italian tax investigators are demanding that the Swiss authorities hand over the data of 10,000 Italian bank customers who have assets totaling 6.7 billion euros in Switzerland, as the investigators announced on Thursday. The move follows Credit Suisse’s tax case in Italy, which was completed last year. It was initially unclear whether the bank customers about whom the Italians were requesting information were only Credit Suisse customers. The tax investigators declined to comment further.

In the fall of last year, the bank announced that it would pay a total of almost 110 million euros in fines and taxes in order to complete proceedings by the Italian authorities on cross-border asset management business.

Regarding the recent advance from Italy, the bank said it saw the proceedings by the local authorities on the bank’s cross-border activities as completed. The Swiss tax authorities declined to comment.

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