Of Special Interest
28th February 2012
Sarasin sells NZB stake back to NZB
It has only just become known that Bank Sarasin sold its stake in Neue Zuercher Bank (NZB) of around 40% back to NZB in December. The reason for the sale is that NZB is one of the banks under investigation by the US authorities for allegedly encouraging US citizens to evade taxes by depositing money with the bank. Sarasin, on the other hand, is not one of the 11 Swiss banks targeted by the US under the current wave and wants to distance itself from any allegations of wrongdoing.
Under an amnesty to its own citizens, the US authorities are not prosecuting the tax evaders even where there is evidence of this occurring but are prosecuting Swiss banks for encouraging the US Citizens to evade taxes.
The Swiss government is hoping to conclude a double tax evasion treaty with the US before the end of 2012 Q3.