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Credit Suisse under investigation in multiple countries over client taxes

Credit Suisse Group AG is facing investigation in several countries in relation to client tax matters, the bank confirmed March 31.

The bank said it was cooperating with the local authorities after they contacted its offices in London, Paris and Amsterdam.

The statement followed raids by authorities in five countries, including the U.K., following a tip-off to authorities over an unspecified bank, Sky News reported March 31. Officials in the U.K. and Netherlands did not mention Credit Suisse but suggested that coordinated raids were carried out in multiples offices of a "global financial institution" on March 30.

The U.K.'s tax authority told Sky News that the first phase of its investigation focused on senior employees within the group as well as a number of its customers. Dutch prosecutors said they seized millions of euros worth of items including paintings, gold bars, cash and other assets in raids on addresses linked to 3,800 Dutch accounts, according to the report.

Two people were arrested in the Dutch raids, with prosecutors saying dozens of people are suspected of using their accounts for money laundering and fraud, Sky added. Raids were also carried out in France, Germany and Australia.