Credit Suisse Still Aiding Tax Evasion Us Senate Panel Say
BloombergMar 29, 2023
The US Senate Finance Committee on Wednesday claimed that Credit Suisse has violated the terms of a 2014 criminal plea deal, citing failures to disclose transfers related to an ongoing tax conspiracy involving more than $100M held by a single family of US taxpayers.
The publication of these findings wraps up a two-year investigation led by Sen. Ron Wyden (D-Ore.), which estimates that over $700M is held in secret accounts at the Swiss bank in breach of its deal with the US Justice Department.
Credit Suisse's new leadership does not tolerate tax evasion and has been actively collaborating with US authorities to tackle any past wrongdoing or current concerns. Undeclared accounts are being shut down and any employee who fails to comply with the bank's standards of conduct will be disciplined.
Though Credit Suisse states that this report focuses on decade-old "legacy issues," the truth of the matter is that the now-troubled bank has disclosed nearly two dozen "potentially undeclared" accounts a full nine years after the plea agreement was put into place. As the Swiss bank's tax evasion scheme defrauding the US remains active, US authorities must take strong punitive action against Credit Suisse to discourage similar behavior elsewhere in the banking sector.
There is a 25% chance that Deutsche Bank will collapse (or be rescued) before June 2023, according to the Metaculus prediction community.