Credit Suisse Services to pay $511 million in tax fraud case
The subsidiary of Swiss bank Credit Suisse accepted the fine after pleading guilty to hiding more than $4 billion in offshore accounts.
Credit Suisse must pay million-dollar fine for tax evasion
Credit Suisse Services AG, a subsidiary of Swiss bank Credit Suisse, has agreed to pay $511 million in penalties after pleading guilty to hiding more than $4 billion in offshore accounts, the U.S. Justice Department said.
The plea agreement reveals that the company fraudulently managed "offshore" accounts in Singapore for wealthy U.S. clients seeking to evade taxes in the country between 2010 and 2021.
Credit Suisse was acquired in 2023 by compatriot UBS under pressure from Swiss authorities to avoid bankruptcy.
Credit Suisse Services AG "pleaded guilty and was convicted today of engaging in concealment from U.S. tax authorities in at least 475 accounts" overseas, the Justice Department added.
Forged documents and fictitious donation statements
The bank did this primarily through forged documents and fictitious donation statements, the report adds. In doing so, the lender violated a previous pact reached in 2014 with US authorities.
In a statement, UBS says it "was not involved in this conduct and has zero tolerance for tax evasion."
Credit Suisse had pledged to change its practices after agreeing in 2014 to pay a $2.6 billion fine to settle US tax fraud charges.
LATEST
