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.
UBS, which acquired Credit Suisse in 2023, says it was not involved in the misconduct and maintains a "zero tolerance for tax evasion." As the legal successor, UBS executives signed the plea deal and appeared in court. The settlement includes $372 million for aiding false tax returns and $139 million related to undeclared US accounts in Singapore, worth over $2 billion and active from 2014 to 2023. The case follows whistleblower reports and a 2023 Senate finding of continued tax evasion.
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