Alexa
  • Directory of Taiwan

Italian police check Swiss bank branches

Italian police check Swiss bank branches

Italy's financial police visited 76 Italian branches of Swiss banks and related offices Tuesday to ensure they are correctly reporting their financial transactions, officials said.
The police and Italy's tax authority said the effort was part of the country's efforts to recover million in taxes from income held illegally abroad.
Some 100 financial police agents checked the offices "particularly at risk" in a first wave of visits to guarantee the "precise and punctual" reporting of financial transactions to Italian authorities.
Switzerland has recently been forced to relax its venerated banking secrecy laws after a series of flaps, including the admission by the UBS bank that it helped wealthy Americans use foreign accounts to hide assets from the U.S. tax authority.
The offices checked Tuesday include Italian branches of Swiss banks, Italian banks with Swiss links and banks near San Marino, a tiny republic in central Italy.
San Marino, along with Switzerland, recently moved onto the Organization for Economic Cooperation and Development's "white list" of countries that comply with international tax standards. Previously both had been on the OCED's "gray list" of countries not complying with international reporting norms.
Separately Tuesday, financial police said they were seeking five people _ including four based in Switzerland _ in connection with a money-laundering probe linked to an Italian bank and Swiss firm Doge SA.
Police said Doge was a structure "specialized in money-laundering" that sought out Italians who were looking to transfer ill-gotten cash abroad to avoid paying taxes. Italian news agencies ANSA and Apcom said the five people being sought included a Geneva-based official of UBS bank and his colleague, as well as officials from Doge. The five are accused of association with the aim of money laundering.
Doge, based in Mendrisio, Switzerland, was not immediately available for comment.


Updated : 2021-07-24 23:34 GMT+08:00