Credit Suisse accused of complicity in tax evasion in US Senate report

The Credit Suisse logo outside its offices in Hong Kong, March 16, 2023. REUTERS - TYRONE SIU

Text by: RFI Follow

2 min

Another setback for Credit Suisse. After being heckled on the stock market against a backdrop of repeated difficulties to the point of having to be bought by its rival and compatriot UBS, the Swiss bank has just been accused of complicity in tax evasion in a US Senate report. According to this document from the Finance Committee published on Wednesday, March 29, Credit Suisse would have allowed to hide more than $ 100 million in accounts abroad.

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These charges are part of the continuity of a first case dating back nearly ten years. In 2014, Credit Suisse agreed to pay a $2.6 billion fine to end the lawsuit.

To ensure that the bank had changed its practices, a Senate committee investigated for two years. And Credit Suisse did not get a satisfaction. The tone of the chairman of the committee is even scathing.

Ron Wyden denounces "greedy Swiss bankers and regulators who have not done their job". The result takes the appearance, according to him, of "a massive conspiracy", and still ongoing, "to allow very rich American citizens to avoid paying their taxes and to scam their fellow citizens".

►To read: SVB, Credit Suisse, Eurozone: who can save the banks?

According to the report, in addition to the $100 million in assets that Credit Suisse allegedly did not declare to the US tax authorities, the institution also admitted during the investigation that it had identified 23 additional accounts, with internal investigations still ongoing, with a minimum of $20 million in deposits and belonging to US citizens.

In total, the commission estimates the total amount acknowledged by the bank to be in violation of the terms of the agreement at more than $700 million.

In the process, Credit Suisse assured the France-Presse Agency to close the undeclared accounts identified and sanction any employee who did not apply its regulations in this regard.

(

With AFP)

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• Switzerland
• Finance
• United States