UBS fined for aiding Dutch tax evaders through former Credit Suisse operations
The Dutch Public Prosecution Service imposed a fine on Swiss bank UBS for assisting twelve Dutch clients in hiding savings from tax authorities between 2005 and 2015.
The Dutch Public Prosecution Service has levied a penalty on UBS for its role in supporting Dutch tax evaders. The bank, which took over Credit Suisse in 2023, allegedly helped twelve clients place savings in Swiss accounts from 2005 to 2015 to keep them hidden from the tax authorities. Credit Suisse staff were reported to have assisted with account openings, retained client mail, and allowed the use of code names when communicating with the bank.
Prosecutors claim this conduct made the bank complicit in filing a large number of inaccurate tax returns. UBS has agreed to pay the imposed fine, and the prosecution has decided not to pursue additional legal action. The twelve individuals have already faced back taxes and other penalties.
Why it matters
It highlights how major banks can facilitate tax evasion and face legal penalties for such conduct.
In this story
