MyPrivateBanking Blog
Daily Comments on the World of Wealth Management

Posts Tagged ‘tax evasion’

Credit Suisse: First Squeeze Them, Then Kick Them Out

Saturday, July 24th, 2010

It seems that over at Credit Suisse they are panicking about the tax probes lead by the Germans and other  European governments against offshore clients and also bank advisers. We have been contacted by former Credit Suisse clients, some of them long standing clients, who have been rudely kicked out as clients. We have credible information that even clients who legalized their holdings in Switzerland have seen their accounts canceled. Only few weeks ago Credit Suisse sent a letter to foreign clients with less than 1 Mio. Euro that they have to pay additional fees if they want to keep an account in Switzerland. MyPrivateBanking has copies of this letter.  We will follow up with this story next week and hope to get some comments from the CS management.

 

Tax Authorities Go Shopping Again

Thursday, June 10th, 2010

After some dispute within the German federal government on the legality the German state Lower-Saxony finally bought another CD containing data from about 20.000 German holders of Swiss bank account. This time supposley Euro 185.000 were paid to an unidentified seller.

The new business model for private bank employees is still intact and banks and clients may like it or not: Offshore-banking has no future. Pressured by “data leaks”, tougher regulations for tax havens and stricter law enforcement at home less and less clients will take the risk of bringing untaxed money across borders.  Banks with a lot of offshore-clients better adopt their strategy now!

 

Groundhog Day Again

Tuesday, February 2nd, 2010

Again sensitive bank data on offshore-accountsgot stolen. Again these information are offered to the government of the account holders. Again the government seems to be willing to bend the law and to pay for these illegally acquired data.  In our recent analysis on data theft we preditcted that these kind of “private banking data auctions” will happen again and again untill the stolen assets become worthless.

Whistle blowing, breach of confidentiality, and the outright theft of files recently has been enormously popular among some employees of offshore banks. It is almost impossible to stop such individuals. They have the potential to completely destroy the reputation of financial centers like Liechtenstein, Luxembourg or Switzerland, and a lot of damage has been done already. If there are no more potential buyers for confidential customer files the business is gone. But this would be only possible when the banks convert offshore to onshore customers. Or, alternatively, show the door to all customers who are unwilling to co-operate.

 

Au Revoir Offshore

Tuesday, September 29th, 2009

Our call of the end of offshore banking seems to materialize in a rapid pace. Yesterday BNP Parisbas, the biggest bank of France and one of the largest wealth managers worldwide, announced that if close all subsidiaries located in countries on the OECD’s “grey list” of nations which have not fully implemented global tax standards. Plan is, that already by end of the year the offices in Panama and the Bahamas should be closed.

“Conicidently” BNP made the announcement right after the G-20 meeting. It certainly will not take long and more bankers have to give-up their sunshine spots and will relocate to less exotic locations such as London, Madrid, Frankfurt, Zurich and New York….

 
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