US EditionCredit Suisse to pay $511 million for helping U.S. taxpayers hide over $4 billion overseas
- On May 5, 2025, Credit Suisse Services AG admitted guilt to conspiring to help wealthy American clients conceal over $4 billion in more than 475 offshore accounts located in Singapore.
- This criminal case arose from Credit Suisse violating a 2014 plea deal by maintaining undeclared U.S. Accounts from 2010 through 2021 that enabled clients to evade U.S. Taxes.
- In 2023, following its merger with Credit Suisse, UBS identified undeclared U.S. Accounts at Credit Suisse AG Singapore, froze a number of them, and has been cooperating with a Justice Department investigation into the matter.
- Credit Suisse will pay around $511 million as a fine while UBS stated it was uninvolved in the misconduct and emphasized zero tolerance for tax evasion.
- The settlement partially releases UBS's contingent liability related to Credit Suisse, with financial impacts expected in Q2 2025 and ongoing cooperation mandated by the non-prosecution agreement.
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BizTocCredit Suisse penalized more than $510 million for helping wealthy US clients evade taxes
The Department of Justice (DOJ) said Credit Suisse Services AG will hand over more than $510 million in penalties for its part in aiding U.S. taxpayers in skirting the IRS through offshore accounts.
Banking Giant Hit with Massive Fine for Helping Wealthy US Clients Evade Taxes - News Addicts
The Department of Justice (DOJ) said Credit Suisse Services AG will pay more than $510 million in penalties for its part in aiding U.S. taxpayers in skirting the IRS through offshore accounts. The more than $510 million in “penalties, restitution, forfeiture and fines” that Credit Suisse Services AG must pay are part of a guilty […] The post Banking Giant Hit with Massive Fine for Helping Wealthy US Clients Evade Taxes appeared first on News Add…
Credit Suisse Services AG Pleads Guilty to US Tax Evasion, Will Pay $510 Million
Credit Suisse Services AG pleaded guilty to conspiring with U.S. taxpayers to conceal more than $4 billion in offshore accounts, agreeing to pay more than $510 million in penalties, the U.S. Department of Justice (DOJ) announced on May 5. The Swiss corporation also admitted to violating a previous 2014 plea agreement and entered into a separate non-prosecution agreement over related conduct in Singapore. The plea stems from a multiyear investiga…
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