Credit Suisse Said to Face Money-Laundering Probe in Italy
- Bank also said to be probed for tax evasion in Milan case
- Bank says business has clear rules, focused on declared assets
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Milan prosecutors are investigating Credit Suisse Group AG on suspicion of money laundering and tax evasion over billions of euros of insurance policies sold Italian clients and used to shield funds from authorities, people with knowledge of the case said.
Starting in 2005, Credit Suisse allegedly helped about 4,000 clients protect as much as 8 billion euros ($8.9 billion) of funds that were earned illicitly, mainly as income that was undeclared to Italian tax authorities, said the people, who asked not to be identified because the probe isn’t public.