7th APRIL 2015 - Vol.XXXVIII No.018
Business News

Swiss bank in US tax probe

ZURICH: Swiss private bank Rahn & Bodmer is under investigation by US authorities, it said yesterday, the latest bank to be targeted in lengthy dispute over tax evasion.

The Zurich-based bank, set up as a silk trader in 1750, has come under investigation despite a recent Swiss-US deal to allow some Swiss banks to pay fines to avoid or defer prosecution over tax evasion by their US customers.

Credit Suisse and Julius Baer said in July they were preparing information on client withdrawals demanded by US investigators to help pinpoint tax evasion.

However, Rahn & Bodmer partner Christian Rahn said he did not believe his bank was being investigated as a result of data in the so-called "leavers lists", as it had stopped accepting undeclared US assets in 2008 and advised clients with such assets to make voluntary disclosures to the US authorities. At the end of 2012, the bank managed client assets of 12.5 billion Swiss francs ($13.4bn).

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