U.S. Senate Panel Slams Credit Suisse For Aiding Tax Evaders

US lawmakers said that Credit Suisse kept allowing wealthy Americans to dodge tax payments, finding after a two-year probe that the embattled Swiss bank violated a 2014 plea deal for allowing tax evasion by its clients, the Associated Press (AP) reported.

Photo Insert: The US Senate Finance Committee pointed to a possible ongoing criminal conspiracy tied to nearly $100 million in secret offshore accounts belonging to a family of US taxpayers that Credit Suisse failed to disclose.

The US Senate Finance Committee pointed to a possible ongoing criminal conspiracy tied to nearly $100 million in secret offshore accounts belonging to a family of US taxpayers that the bank failed to disclose.

It also said the bank helped a US businessman conceal more than $220 million in offshore accounts from the IRS.

Credit Suisse revealed that it had found 23 accounts each worth at least $20 million that had not been declared to tax authorities, according to the committee, who said its findings show that more than $700 million was concealed in violation of Credit Suisse’s 9-year-old plea deal with the US Justice Department.

“Credit Suisse got a discount on the penalty it faced in 2014 for enabling tax evasion because bank executives swore up and down they’d get out of the business of defrauding the US,” said Sen. Ron Wyden, the Democratic chairman of the committee.

“This investigation shows Credit Suisse did not make good on that promise, and the bank’s pending acquisition does not wipe the slate clean,” he said.

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