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October 12, 2022

Credit Suisse under scanner in US over tax evasion case

The US Justice Department is examining an issue to find out if Credit Suisse Group continued to offer a helping hand to wealthy US clients to evade tax, reported Bloomberg.  

The investigation has been initiated eight years after the Swiss bank paid a $2.6bn in fine as a settlement in the case and promised to resolve the matter.

Investigators of the case are checking if Credit Suisse assisted US-based account holders, especially the ones with South American passports, in stacking hundreds of millions of dollars assets away from the US Internal Revenue Service (IRS), added the publication citing people privy to the development.

In 2014, Credit Suisse’s main banking arm was found guilty of aiding thousands of Americans to evade taxes.

The bank pleaded guilty and paid the fine. It was also asked to shutdown ‘any and all’ US accounts that were not disclosed to the IRS.

In a statement quoted by Bloomberg, Credit Suisse said: “Credit Suisse does not tolerate tax evasion.”

“We have implemented extensive enhancements since 2014, to root out individuals who seek to conceal assets from tax authorities.

“Our clear policy is to close undeclared accounts when identified, and to discipline any employee who fails to comply with bank policy or falls short of Credit Suisse’s high standards of conduct.”

According to the news agency, the investigations have pressurised the bank, which is charting out a plan to overhaul its risk issues, cut the size of its loss-making investment bank. In August 2020, Credit Suisse came under the lens of Belgium authority over a tax evasion case.

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