C Suisse, Julius Baer May Close Undeclared German Accounts

Credit Suisse and Julius Baer Group are ready to close the accounts of German clients who can’t prove they comply with their tax requirements, officials at both companies said.

'We’re advising German customers to check their personal situation and if necessary to clean it up', Marc Dosch, a spokesman for Zurich-based Credit Suisse, said by phone. 'If that doesn’t happen we will have to terminate the client relationship at some point'.

Switzerland, the world’s largest center for offshore wealth, is trying to shed its image as a haven for undeclared funds amid scrutiny from U.S. and European governments. The banks are also under pressure to crack down on tax dodgers as the Swiss government pursues a domestic 'white-money' strategy for the financial center.

Credit Suisse is asking some German customers to provide documents proving they are tax compliant.

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Credit Suisse, Julius Baer May Close Undeclared German Accounts

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