European tax probes are headache for Swiss banks

More raids on UBS premises in France and a reported crackdown on Credit Suisse clients in Germany

German newspaper the Handelsblatt has reported that up to 7,000 Credit Suisse clients are being targeted by a separate tax evasion investigation in Germany.

French prosecutors searched UBS offices in Bordeaux on Tuesday, reportedly looking for evidence that the bank had helped wealthy clients to illegally funnel money into Switzerland under the radar of the tax authorities.

Switzerland has openly adopted a new “white money” strategy of refusing the assets of tax evaders in recent months, but the government-backed model has not made the problem disappear completely.