Australia: over 340 citizens linked with Swiss bank accounts

Australia has identified more than 340 individuals with links to Swiss banking relationship managers alleged to have actively promoted and facilitated tax evasion schemes, a federal minister said on Friday.

The Serious Financial Crime Taskforce said the joint investigation had identified 346 nationals with links to Swiss banking relationship managers alleged to have promoted and facilitated tax evasion schemes.

In a statement, Revenue and Financial Services Minister Kelly O'Dwyer said the Australians in question held unnamed numbered accounts with a Swiss bank, which authorities have not named. "Taskforce agencies are working through their intelligence to determine the taxpayers in this group who have done the right thing, and those who have been concealing the true nature of their tax affairs," she said.

"The message from these investigations makes it clear that governments worldwide are shining a light on offshore tax evasion, and it's only a matter of time before you're in the spotlight." Ms O'Dwyer said 23 of the 346 Australians had already come forward to discuss their tax affairs, or had been the subject of previous Australian Taxation Office compliance action.

She said it was expected that many of the Australians identified would have complied with their tax obligations.

Over coming days, taskforce investigators will interview bank employees, lawyers and taxpayers, to investigate whether the Australians have been involved in criminal activity, or failed to comply with their tax obligations, she added.

Australian authorities have not released the name of the Swiss financial institution caught up in the investigations, but international news stories have reported that it is Credit Suisse.

Separately, the Swiss bank said on Friday its offices in London, Paris and Amsterdam were contacted by local authorities concerning client tax matters and that it was cooperating with their inquiries.