Economy
Million-Euro Fine for Swiss Bank for Assisting Dutch Tax Evaders
The Dutch Public Prosecution Service has imposed a five million euro fine on UBS, intended for Credit Suisse, which UBS acquired in 2023. The prosecution alleges that Credit Suisse assisted twelve Dutch clients between 2005 and 2015 in hiding savings from the tax authorities by opening accounts, holding their mail, and using codenames. This conduct allegedly made the bank complicit in eighty incorrect tax filings. An investigation led by the FIOD began in 2016, confirming Credit Suisse's involvement. UBS has agreed to pay the fine, leading the prosecution to drop further legal action against the bank. While more non-compliant clients were identified, the inquiry was limited to these twelve individuals, who have already received back taxes and penalties.
Ozetta summarises; the reporting is the newsroom's