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US lawmakers say Credit Suisse continues to allow wealthy Americans to avoid paying taxes, finding after a two-year investigation that the fought the Swiss bank violated a 2014 plea agreement it entered into for enabling tax evasion.
The US Senate Finance Committee on Wednesday pointed to a possible criminal conspiracy tied to nearly $100 million in secret offshore accounts belonging to a family of American taxpayers that the bank did not disclose. .
The committee said its findings showed more than $700 million was hidden in breach of the 9-year deal at Credit Suisse’s request.
“Credit Suisse got a discount on the penalty it faced in 2014 for enabling tax evasion because the bank’s executives vowed to get out of the fraudulent business in the United States,” said Sen. Ron Wyden, the Democratic chairman of the committee. “This investigation shows that Credit Suisse did not live up to that promise, and the pending takeover of the bank does not wipe the slate clean.”
Forced by the Swiss government and regulators a $3.25 billion acquisition on long-troubled Credit Suisse through its rival bank UBS among turmoil in the global financial system. The collapse of the two US banks unleashed fears that hit Switzerland’s second-largest bank, whose shares sank and customers pulled their money.
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