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Credit Suisse Accused of Helping Wealthy Americans Evade Taxes

New revelations accuse Credit Suisse of facilitating tax evasion for wealthy Americans, casting doubt on the bank's compliance with its 2014 guilty plea and potentially implicating UBS Group in the ongoing scandal.

Credit Suisse building
Credit Suisse building

Credit Suisse whistleblowers have revealed that the Swiss bank has been assisting wealthy Americans in dodging U.S. taxes for years, even after its 2014 guilty plea. This revelation comes after a Senate Finance Committee investigation, raising questions about the bank's adherence to its plea agreement.

Senate Report Shows Ongoing Abuse at Credit Suisse

A new report from the Senate Finance Committee highlights ongoing abuse at Credit Suisse since its 2014 guilty plea, with potential repercussions if the Justice Department takes action. The report also highlights the possible liability of UBS Group, which recently took over the collapsed Swiss bank.

Undisclosed American Accounts Still Held by Credit Suisse

Senate Finance Committee Chairman Ron Wyden shared that his committee received information about additional undisclosed American accounts held by Credit Suisse after 2014. This highlights the ongoing issue of tax evasion and emphasizes the need for prosecution and penalties to send a strong message.

Credit Suisse logo
Credit Suisse logo

Credit Suisse Assisted in Hiding Millions in Offshore Accounts

According to Senate investigators, Credit Suisse helped up to 25 American families hide more than $700 million in the bank after its plea agreement. This raises questions about the extent to which Swiss banks are still involved in this illegal activity.

Swiss Banking Industry Relies on Secrecy

Insights from whistleblowers and the Senate report provide a rare look into the secretive Swiss banking industry, revealing the pressure on bankers to keep and bring in deposits. This pressure leads to fraudulent practices, such as maintaining hidden assets for wealthy clients.

If the U.S. government recovers money directly from the whistleblowers' information, they could receive between 15% and 30% of the recovered amount. What liability UBS assumes for the issues at Credit Suisse following its bank acquisition remains unclear.