(Adds confirmation from Credit Suisse)
MILAN Dec 14 An Italian judge approved a
settlement between Credit Suisse AG and the country's
authorities on Wednesday under which the Swiss bank will pay
109.5 million euros ($116.5 million) to end a tax investigation.
Milan prosecutors have been investigating since 2014 an
alleged fraudulent system used by the bank to transfer up to 14
billion euros to offshore accounts, mainly through the use of
insurance policies. Some 13,000 clients are allegedly involved.
Both Credit Suisse and judicial sources confirmed the
"This marks the end of the investigation by Italian
authorities into Credit Suisse AG's Italian cross-border
business for the period from 2008 to 2015," Credit Suisse said
in a statement.
While the agreement closes the position of the Swiss bank in
the case, the Italian clients that allegedly benefitted from the
system remain under investigation.
In October, Credit Suisse said it had agreed to pay Italian
authorities 101 million euros in taxes, late payment interest
and penalties to settle its tax position. The bank also agreed
to pay 8.5 million euros for "administrative infringements in
its previous cross-border business".
($1 = 0.9403 euros)
(Reporting by Emilio Parodi and Oliver Hirt; writing by
Francesca Landini and Brenna Hughes Neghaiwi; editing by David