Credit Suisse responds to tax inquiry in newspaper ads

Credit Suisse Group AG, surprised by a five-country tax evasion and money laundering investigation, said it has a "zero tolerance policy" on tax evasion in advertisements taken out in at least two British newspapers on Sunday.

The Swiss bank’s two-page ads, which included seven bullet points in response to the investigations disclosed last week, also said a 2011 internal compliance review caused it to terminate relationships with clients who didn’t prove they paid their taxes.

“This led to very significant asset outflows as we do not want to do business with clients who are unwilling to provide the required evidence,” said the ads. “Credit Suisse applies a strict zero tolerance policy on tax evasion.”

Boosting capital

The inquiries come as chief executive Tidjane Thiam is trying to focus Credit Suisse on wealth management and boosting capital depleted by fines for past misbehaviour.

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Iqbal Khan, the head of the bank’s international wealth management unit, said previously that the inquiry concerns individuals outside the bank and that no assets held at Credit Suisse were confiscated.

Credit Suisse also outlined the steps it has taken to ensure it follows the law and stated it was working closely with local authorities.

– (Bloomberg)