Credit Suisse scandal threatens Swiss efforts to clean up reputation

By in

An anonymous leak regarding thousands of suspicious client accounts at Zurich-based Credit Suisse could not have come at a worse time for Switzerland and its banks. The data that led to raids in 5 different countries sheds new unfavourable light on the efficiency of Switzerland’s efforts to combat global tax avoidance and moderate the use of legal loopholes to reduce the tax burden. Anti-corruption expert Mark Plieth stated: ‘Instead of automatically placing blame on other countries, Switzerland should ask, have we really been careful enough?’