Credit Suisse concealed more than $700 mn from US govt: Senate

Credit Suisse concealed more than $700 mn from US govt: Senate

A US Senate committee has concluded that embattled Credit Suisse has violated a plea deal with the Justice Department by failing to disclose certain accounts
A US Senate committee has concluded that embattled Credit Suisse has violated a plea deal with the Justice Department by failing to disclose certain accounts. Photo: Fabrice COFFRINI / AFP/File
Source: AFP

PAY ATTENTION: Enjoy reading our stories? Join YEN.com.gh's Telegram channel for more!

Embattled Swiss banking giant Credit Suisse has failed to disclose more than $700 million in previously undeclared accounts since 2014, in violation of a plea deal with the US Department of Justice, a Senate committee said Wednesday.

The findings of the two-year Senate Finance Committee probe add to the woes of the Swiss investment bank, which was pushed to merge with regional rival UBS earlier this month after suffering contagion from the collapse of Silicon Valley Bank.

"At the center of this investigation are greedy Swiss bankers and catnapping government regulators," committee chair Senator Ron Wyden said in a statement as the findings were released.

"The result appears to be a massive, ongoing conspiracy to help ultra-wealthy US citizens to evade taxes and rip off their fellow Americans."

In a statement sent to AFP, Credit Suisse said the bank "does not tolerate tax evasion."

Read also

Sergio Ermotti back as UBS chief for Credit Suisse takeover

The Senate report "describes legacy issues, some from a decade ago," which the bank has sought to address by implementing extensive enhancements "to root out individuals who seek to conceal assets from tax authorities," it said.

PAY ATTENTION: Click “See First” under the “Following” tab to see YEN.com.gh News on your News Feed!

"Credit Suisse is also actively cooperating with US authorities including the DOJ to address some remaining legacy conduct or policy concerns, and will continue to do so,” the statement said.

Credit Suisse pleaded guilty in 2014 to attempting to aid and assist US taxpayers in filing false income tax returns.

As part of a plea deal with the Justice Department, the bank paid a fine of more than $1 billion and agreed to make a complete disclosure of its cross-border activities, disclose previously undeclared accounts and cooperate with requests for account information.

The committee found Credit Suisse had "violated key terms of its plea agreement," in particular by not informing the DOJ when it moved close to $100 million from a previously undisclosed account belonging to a family with US citizenship to other Swiss banks.

Read also

French authorities raid banks in massive tax fraud case

The committee also accused Credit Suisse bankers of "knowingly and willfully" aiding and abetting "offshore tax evasion" by US businessman Dan Horsky to the tune of $220 million, according to the statement.

Israel's Bank Leumi may have also violated its own agreement with the DOJ by assisting with a transfer of tens of millions of dollars out of Credit Suisse and into Bank Leumi accounts in Israel, the committee said.

New feature: Сheck out news that is picked for YOU ➡️ click on “Recommended for you” and enjoy!

Source: AFP

Authors:
AFP avatar

AFP AFP text, photo, graphic, audio or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. AFP news material may not be stored in whole or in part in a computer or otherwise except for personal and non-commercial use. AFP will not be held liable for any delays, inaccuracies, errors or omissions in any AFP news material or in transmission or delivery of all or any part thereof or for any damages whatsoever. As a newswire service, AFP does not obtain releases from subjects, individuals, groups or entities contained in its photographs, videos, graphics or quoted in its texts. Further, no clearance is obtained from the owners of any trademarks or copyrighted materials whose marks and materials are included in AFP material. Therefore you will be solely responsible for obtaining any and all necessary releases from whatever individuals and/or entities necessary for any uses of AFP material.