Credit Suisse paying over $510M in penalties for helping US clients evade taxes

The Ministry of Justice said that Credit Suisse Services AG will pay more than $ 510 million of penalties for its role in helping American taxpayers to divide the Tax Authority through external accounts.

More than $ 510 million in “penalties, compensation, confiscation and fines” that the Credit Suisse services that must be paid must pay for a part of a guilt and an uninterrupted agreement that UBS has entered on Monday because of “conspiracy” to rid it more than $ 4 billion of assets carried by some wealthy customers through external accounts hundreds, according to what countries said.

The Ministry of Justice said that the services of Credit Suisse Ag “conspired with American employees, customers and others to help American customers deliberately hide their ownership and control of their assets and the money held in the bank” during a period of 11.5 years between January 2010 and July 2021.

During that time, the bank allowed very wealthy clients to be “non -teachers” and provide them with “marine private banking services” that facilitated the concealment of assets from the Tax Authority and “not to continue to provide FBARS”, which violate a previous call agreement for the previous year 2014, according to the Ministry of Justice Agency.

Get Fox Business on the Go by clicking here

The Ministry of Justice said that the Credit Suisse Agreement focuses on the “undeclared accounts” of American taxpayers worth more than $ 2 billion in Credit Suisse Ag Singapore from 2014 to June 2023.

The Ministry of Justice said that UBS “became familiar with the accounts held at Credit Suisse Ag Singapore, which seemed to be unannounced in the United States” after it acquired the competing bank and “voluntarily” the Ministry of Justice with information about it.

The Ministry of Justice on August 18, 2022, in Washington, DC (Kent Nishimura / Los Angeles Times Via / Getty Images)

Credit Suisse Services AG and the UBS owner agreed to cooperate with “ongoing investigations” and provide any other information about the US accounts that may arise, as part of its approval of guilt and the agreement of dissatisfaction, according to the Ministry of Justice.

In 2014, Credit Suisse became the largest bank in 20 years to acknowledge an American criminal charge, and an agreement to pay a fine of $ 2.5 billion to help Americans evade taxes in a contract that spanned contracts.

The Chinese community leader in New York was condemned as an illegal agent for CCP in the “Fox Hunt” scheme

Before a settlement on Monday, the US Senate finance Committee found in 2023 that Credit Suisse violated the 2014 deal with the American authorities by continuing to help tax evasion and hide more than $ 700 million from the government.

UBS said on Monday that Credit Suisse Services acknowledged that he was guilty of one charge of conspiracy to help and help prepare tax declarations for wrong income.

The company said: “UBS did not engage in basic behavior and had no tolerance with tax evasion.” “Through this decision, UBS is pleased to solve another of the old Credit Suisse problems, in line with UBS’s intention to solve the old matters at a fair and balanced way and the interest of all stakeholders.”

UBS in Troy, Michigan, June 25, 2012. ( / Istock)

UBS announced that it would take Credit Suisse in March 2023. This deal appeared as Credit Suisse was at that time, facing fears that it might collapse.

Click here to read more on Fox Business

UBS completed its acquisition of the competing bank later that year.

Reuters contributed to this report.