Swiss banking giant Credit Suisse has hired a former regulator to help ensure that its clients are complying with the requisite tax laws.
In the wake of efforts to clampdown on tax evasion in several countries, in particular the United States, banks are stepping up their efforts to ensure tax compliance by their clients.
Earlier this month, the Swiss Federal Council announced that it had set out the parameters for greater co-operation between Swiss banks and U.S. authorities, which are seeking tax compliance. And, at the same time, a new tax agreement with the UK is being implemented this year as UK tax authorities aim to collect on untaxed assets in Switzerland.
On Monday, Credit Suisse said that it has hired former general counsel at Swiss regulator, the Financial Market Supervisory Authority (FINMA), Urs Zulauf, to support the firm “in further developing and implementing its business policy regarding the tax compliance of client assets.”
Zulauf, who was a member of FINMA’s executive board until the end of January 2013, is to join the bank on Feb. 1, 2014.
Credit Suisse says it “has clearly focused its global business policy in private banking on taxed client assets and complies with the rapidly developing Swiss and international legal requirements.”