As the European tax officials broaden their investigation to clients from banks, around 5,000 German clients of Credit Suisse are being probed on suspicion of tax evasion and some even had their homes searched.
Meanwhile, on suspicion of money-laundering and aiding tax evasion, the offices of UBS in Lyon, Bordeaux and Strasbourg were also raided.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Anonymous UBS sources said that the private homes of several high-ranking UBS employees in Strasbourg were also searched as a part of the probe.
Further, Credit Suisse has said it was aware of the investigation by German tax authorities on its clients and a source at the bank said that tax authorities in the German towns of Bochum and Duesseldorf were probing its clients over Bermuda-based life insurance products which may have been used to avoid tax. Tax officials in both towns declined to comment.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
