Thursday , October 21 2021
Home / SNB & CHF / Swiss bank pays up to settle German tax evasion probe

Swiss bank pays up to settle German tax evasion probe

Summary:
Some Germans appear to have used Migros Bank to hide assets from their home tax authorities. © Keystone / Gaetan Bally Switzerland’s Migros Bank has agreed to pay €2.4 million (CHF2.65 million) to clear up cross-border tax evasion issues with Germany. Migros is one of several Swiss banks that have shelled out a penalty to avoid prosecution in the neighbouring country. Other banks to have made such an arrangement in the past include UBS, Credit Suisse and Julius Bär. The Migros Bank settlement also protects its employees from prosecution, it was announced on Monday. In recent years, the Swiss banking sector has come under the microscope of several countries that have uncovered citizens hiding money in Swiss accounts to avoid paying taxes. Investigations in Germany

Topics:
Swissinfo.ch considers the following as important: , , , ,

This could be interesting, too:

Tho Bishop writes Der „Great Reset“ ist der Weg in den Sozialismus, vor dem Mises uns gewarnt hat

Swissinfo writes Swiss companies told to brace for electricity shortages

Cesar Perez Ruiz writes Weekly View – Widening bottlenecks

Charles Hugh Smith writes Software Ate the World and Now Has Indigestion

Swiss bank pays up to settle German tax evasion probe

Some Germans appear to have used Migros Bank to hide assets from their home tax authorities. © Keystone / Gaetan Bally

Switzerland’s Migros Bank has agreed to pay €2.4 million (CHF2.65 million) to clear up cross-border tax evasion issues with Germany.

Migros is one of several Swiss banks that have shelled out a penalty to avoid prosecution in the neighbouring country. Other banks to have made such an arrangement in the past include UBS, Credit Suisse and Julius Bär.

The Migros Bank settlement also protects its employees from prosecution, it was announced on Monday.

In recent years, the Swiss banking sector has come under the microscope of several countries that have uncovered citizens hiding money in Swiss accounts to avoid paying taxes.

Investigations in Germany were helped by the illicit sale of stolen Swiss bank data to several German states.

Banks have generally avoided criminal prosecution by settling complaints out of court. In the United States, the Swiss government was forced to intervene to set up a large scale out-of-court settlement program between the Department of Justice and several Swiss banks.

Despite efforts to clear the slate of the Swiss banking sector, tax evasion investigations are still ongoing in some countries. UBS is awaiting a court verdict in France later this year, having appealed against a €4.5 billion tax evasion penalty imposed on the bank in 2019.

Articles in this story


Tags: ,,

Swiss bank pays up to settle German tax evasion probeDon’t miss posts anymore!
Subscribe to our newsletter!

Swissinfo.ch
SWI swissinfo.ch – the international service of the Swiss Broadcasting Corporation (SBC). Since 1999, swissinfo.ch has fulfilled the federal government’s mandate to distribute information about Switzerland internationally, supplementing the online offerings of the radio and television stations of the SBC. Today, the international service is directed above all at an international audience interested in Switzerland, as well as at Swiss citizens living abroad.

Leave a Reply

Your email address will not be published. Required fields are marked *