5 countries launch tax evasion sweep linked to Credit Suisse

GENEVA (AP) — European authorities are investigating dozens of people suspected of tax evasion and money laundering involving Swiss bank Credit Suisse, officials said Friday, with Dutch authorities in particular detaining two people and seizing assets including luxury cars, paintings and even a gold bar in the multi-country sweep.

The operations, coming just days before Credit Suisse in April begins a program of automatic information exchange with European countries, will again train a spotlight on the Swiss banking industry, which for years has had a reputation as ensuring secrecy for tax evaders.

The Dutch tax administration said authorities detained two suspects and seized a gold bar, luxury cars, dozens of paintings, real estate, jewelry and bank accounts as well as data from thousands of account holders.

In December, the Paris-based Financial Action Task Force said Switzerland had achieved "good results" in fighting money laundering and terrorism financing, but called on it to strengthen compliance controls, boost scrutiny on the use of cash, and share information more with foreign authorities.

British tax authorities, meanwhile, said they launched a criminal investigation into suspected tax evasion that was focused on senior employees of the unspecified financial firm and a number of customers.