Credit Suisse violated US tax evasion treaties

Credit Suisse office in New York

Credit Suisse is about to be taken over by UBS.

(Photo: Bloomberg)

London According to an investigation, the major Swiss bank Credit Suisse violated a 2014 agreement with the US Department of Justice. She is said to be very wealthy American citizens furthermore assisted in tax evasion, although she had promised not to do so at the time.

With their actions, the institute withheld more than $700 million from the tax authorities, the US Senate Finance Committee said on Wednesday after the conclusion of two years of surveys. Specifically, it was more than 23 accounts with deposits of $ 20 million each.

Among other things, the committee referred to secret offshore accounts of a US family worth almost $100 million that Credit Suisse failed to disclose. The Swiss bank helped another person hide more than $220 million in offshore accounts from the US tax authorities.

Credit Suisse said in a written statement that it does not tolerate tax evasion and is cooperating with the US authorities. No comment was available from the US Department of Justice.

In 2014, the bank had to pay a $2.6 billion fine in a tax dispute with the United States. The penalty was lower because the bank’s top executives vowed to end such practices, said the committee’s Democratic chairman Ron Wyden. “This investigation shows that Credit Suisse has not kept that promise.”

Troubled Credit Suisse is about to be taken over by larger rival UBS. In a rescue operation orchestrated by the Swiss government, it is taken over for three billion francs.

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