Factz

BREAKING

Whistleblowers Say Credit Suisse Has Helped Rich Americans Dodge US Taxes for Years

In 2014, Swiss bank Credit Suisse pleaded guilty to criminal charges for “knowingly and willfully” helping US clients hide offshore assets and income from the IRS, dodging their tax responsibility.

At the time, the bank admitted that it used sham entities, destroyed account records and hand-delivered cash to American clients to stay off the IRS radar. As part of the plea deal, the institution agreed to crack down on US tax dodgers, and agreed to a number of reforms including disclosing cross-border activities and cooperating with authorities when they request information, along with other changes.

But it seems that they have violated that agreement, according to a new report from the Senate Finance Committee that used insider whistleblower information to reveal ongoing and rampant abuses.

The report comes after more than two years of investigation, and has become more urgent now that Credit Suisse was on the brink of failure before being forcibly bought by fellow Swiss bank UBS. Investigators say the bank helped as many as 25 American families hide around $700M.

A spokesperson for Credit Suisse denied knowingly permitting tax evasion.



One Comment

  • They are just figuring this out??? This has been a thing for years! How is this just becoming something

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