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Monday, Jul 26, 2021

Swiss bank pays up to settle German tax evasion probe

Swiss bank pays up to settle German tax evasion probe

Migros is one of several Swiss banks that have shelled out a penalty to avoid prosecution in the neighbouring country. Other banks to have made such an arrangement in the past include UBS, Credit Suisse and Julius Bär.
The Migros Bank settlement also protects its employees from prosecution, it was announced on Monday.

In recent years, the Swiss banking sector has come under the microscope of several countries that have uncovered citizens hiding money in Swiss accounts to avoid paying taxes.

Investigations in Germany were helped by the illicit sale of stolen Swiss bank data to several German states.

Banks have generally avoided criminal prosecution by settling complaints out of court. In the United States, the Swiss government was forced to intervene to set up a large scale out-of-court settlement program between the Department of Justice and several Swiss banks.

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