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Credit Suisse violated tax evasion deal, says US Senate committee

Credit Suisse violated 2014 plea deal with US govt for role in helping wealthy Americans evade tax, failing to disclose $100mn of secret offshore accounts according to Senate finance committee investigation.

1 min read
  • Credit Suisse violated a 2014 plea deal with the US government for the Swiss bank’s role in helping wealthy Americans evade tax.
  • The Senate finance committee investigation revealed that Credit Suisse failed to disclose nearly $100mn in secret offshore accounts belonging to a single family of US taxpayers.
  • Whistleblowers informed the committee that Credit Suisse held undeclared accounts worth nearly $100mn for a family of dual US-Latin American citizenship.
  • The bank worked with a wealthy Israeli-American economics professor to conceal $220mn in offshore accounts from the government.
  • The bank informed the committee that it had disclosed thousands of undeclared accounts worth more than $1.3bn to US authorities since its plea agreement.
Credit Suisse violated tax evasion deal, says US Senate committee
Probe reveals Swiss bank in one case failed to disclose nearly $100mn of secret offshore accounts
Financial TimesStefania Palma

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