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News Link • TAXES: Federal

Credit Suisse clients may withdraw $37 billion over tax

• Reuters

Credit Suisse could see clients in western Europe withdraw up to a net $37 billion in the next few years as Switzerland bows to pressure to stop foreigners using secret offshore accounts to evade taxes.

Swiss bank secrecy - which has helped the country build a $2 trillion offshore financial center - has come under heavy pressure in recent years as cash-strapped governments have sought to fight tax evasion.