Credit Suisse has agreed to pay $511 million and plead guilty to helping wealthy Americans hide over $4 billion from the Internal Revenue Service (IRS), violating a 2014 plea agreement, as reported by the Financial Times.
The US Department of Justice (DoJ) found that the bank maintained at least 475 offshore accounts to aid in tax evasion. "Bankers at Credit Suisse falsified records, processed fictitious donation paperwork, and serviced more than $1 billion in accounts without documentation of tax compliance," the DoJ wrote in a related statement.
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