>> A zero tolerance policy on tax evasion. The double page message from Credit Suisse in British newspapers over the weekend. The Swiss bank is trying to limit any damage to its reputation from raids on three of its offices. It was pulled into an international tax evasion and money laundering investigation last week when coordinated searches were carried out in its London, Paris, and Amsterdam offices.
The ads which appeared in the Sunday Times, Sunday Telegraph, and Observer stated they were a response to recent reports about tax probes in various European countries. But the raids have reopened the thorny issue of tax evasion which has dog with banks for years. Wealthy individuals around the world have used the country's bank secrecy laws to hide cash from the taxman.
Credit Suisse Switzerland, second biggest bank, was fined $2.6 billion by US authorities in 2014, over charges it helped wealthy Americans evade taxes. It's also settled tax dodging cases in Italy and Germany.