Credit Suisse Services AG, a subsidiary of the Swiss Credit Suisse bank, agreed to pay 511 million dollars after declaring himself guilty of hiding more than 4,000 million dollars in accounts abroad, the US Department of Justice reported Monday.
According to the guilty agreement, the company managed fraudulent accounts “offshore” in Singapore of wealthy American customers who sought to evade taxes in the United States between 2010 and 2021
Credit Suisse was acquired in 2023 by its compatriot UBS under pressure from the Swiss authorities to avoid bankruptcy.
Credit Suisse Services AG “declared himself guilty and was sentenced today for participating in the concealment of the American treasury of more than 4,000 million dollars in at least 475 accounts” abroad, added the Department of Justice.
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He did it above all through counterfeit documents and declarations of fictional donations, he adds.
In this way, the bank violated a previous pact achieved in 2014 with the US authorities.
In a statement, UBS states that “it was not involved in this behavior and has zero tolerance in the face of tax evasion.”
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Credit Suisse had promised to change their practices after agreeing in 2014 to pay a fine of 2.6 billion dollars to resolve tax fraud charges in the United States.
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