Credit Suisse hid more than $700 million from the US government - Senate
The committee found serious violations of the agreement between the bank and the US Department of Justice
The Swiss bank Credit Suisse violated an agreement concluded in 2014 with the US authorities by continuing to help wealthy Americans evade taxes and hiding more than $700 million from the government.
Source. This was reported by the US Senate Finance Committee, Reuters reports.
After completing a two-year investigation into Credit Suisse, the committee reported that it had found serious violations of the 2014 agreement between the Swiss lender and the US Department of Justice to facilitate tax evasion.
The violations included the failure to report nearly $100 million in secret offshore accounts belonging to one family of U.S. taxpayers.
According to the committee, this constituted a potential criminal conspiracy.
Earlier this month, Credit Suisse was bought out by a larger competitor, the Swiss bank UBS.
Background. Earlier it became known that the US Department of Justice suspects Credit Suisse and UBS of helping Russian oligarchs evade sanctions.
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