swiss banks

UBS, Credit Suisse Face Tougher Capital Rules

UBS and Credit Suisse Group will have to almost double their capital holdings because Switzerland has set out to further tighten the reins on its megabanks, requiring them to hold capital well in excess of new international standards agreed upon in the Basel III rules.

Germans Raid Credit Suisse in Tax Evasion Probe

German prosecutors raided all 13 Credit Suisse branches in the country on Wednesday as part of a probe into tax fraud. Earlier this year, German authorities acquired information on some 1,500 Credit Suisse customers who may have been using the Swiss accounts to avoid paying taxes.

Legal Briefing: U.S. Targets More Rich Tax Cheats

Now that they are nearly done squeezing Swiss bank UBS for information about its wealthy tax-dodging clients, the IRS and the Justice Department are moving on to new tax fraud targets: Clients of London-based bank HSBC Holdings, mostly those with ties to India and Singapore.

UBS's Wealthy Clients Take Their Money and Run

With pressure rising on Swiss bank UBS to reveal information about tax evaders, many private banking clients are moving their assets elsewhere. But with governments gaining information from panicky amnesty seekers and data-stealing whistle blowers, it's likely to get a lot harder to find a good tax haven.