Swiss back in damage-control mode after Credit Suisse raid
Observers blame legacy issues for new tax scandal, but Australians say they are investigating recent accounts
Geneva-Zurich — The latest investigation into Credit Suisse is a blow, not just for the firm but also for the Swiss attorney-general, who did not know some of the bank’s offices were going to be raided. Swiss authorities are back in damage-control mode this week, after almost a decade of financial scandals including the Panama Papers. It was too early to tell whether the Credit Suisse accounts being investigated were older or whether they included some that were more recent, as the Australian tax authorities had suggested, Mark Branson, CEO of Swiss financial watchdog Finma, said in the Swiss capital, Bern, on Tuesday. "Wealth managers in Switzerland may need more time to deal with the past," Branson said. "These headlines will not vanish overnight, although the business model has fundamentally changed." Dutch authorities, who arrested two people last week, are investigating dozens more on suspicion of concealing millions of euros in Swiss bank accounts, while investigations are als...
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