Swiss Banks UBS, Credit Suisse Raided By German, French Authorities Over Tax Evasion

From reuters.com

German tax authorities have raided Credit Suisse clients and French officials searched the homes of UBS employees, deepening the crackdown on foreigners hiding money in Swiss offshore accounts to dodge taxes. Switzerland's strict banking secrecy rules, which have helped build a $2 trillion offshore financial sector, have infuriated cash-strapped governments as they try to crack down on tax evasion by wealthy citizens. Roughly 5,000 German clients of Credit Suisse are being probed on suspicion of tax evasion and some had their homes searched, a bank source said on Wednesday, as European tax officials ... (full story)