US opens tax investigation on Swiss banks – report

NEW YORK, Dec 24 (BestGrowthStock) – The U.S. Justice Department
has opened a criminal investigation into small Swiss regional
banks which may have helped Americans evade taxes, the New York
Times reported, citing two people briefed on the matter.

The investigation will also look at Wall Street banks that
provide banking services to these regional banks, known as
cantonal banks, the paper said in an article published on

The Wall Street banks might have been used by the regional
banks to pool client money so individual clients could not be
identified by U.S. authorities, the paper said.

A spokesperson for the Justice Department was not
immediately available. The department was closed on Friday for
the Christmas holiday.

The new investigation will focus on Basel-based Basler
Kantonalbank, the paper said.

Earlier this month a former UBS (UBSN.VX: ) banker pleaded
guilty to charges he helped wealthy American clients hide their
money from U.S. authorities. Renzo Gadola, a Swiss citizen, was
charged with helping clients shift their undeclared money from
UBS accounts to Basler Kantonalbank [ID:nN22107107].
(Reporting by Yinka Adegoke and Jeremy Pelofsky; Editing by
Andrea Ricci)

US opens tax investigation on Swiss banks – report