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3d ago

Credit Suisse Pleads Guilty in $4 Billion Tax Evasion Scheme, Agrees to $511 Million Settlement

The Swiss bank's services unit admitted to conspiring with wealthy U.S. clients to hide assets offshore, violating a 2014 plea deal, and entered a non-prosecution agreement requiring cooperation with ongoing investigations.

Alcatraz Federal Penitentiary, known as “The Rock,” former high-security prison and now visited by tourists as a museum in San Francisco Bay of California, on April 15, 2015.
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The logo of Swiss bank UBS is seen outside their branch in Bern, Switzerland May 9, 2016. REUTERS/Ruben Sprich
Credit Suisse merged with UBS in 2024.

Overview

  • Credit Suisse Services AG admitted to helping U.S. taxpayers conceal over $4 billion in at least 475 offshore accounts between 2010 and 2021.
  • The $511 million settlement includes penalties, restitution, forfeiture, and fines, marking a significant resolution in the long-running tax evasion case.
  • The bank's actions breached its 2014 plea agreement, which had required compliance reforms after a prior $2.5 billion settlement for similar misconduct.
  • UBS, which acquired Credit Suisse in 2023, discovered undeclared accounts in Singapore, froze them, and referred the findings to U.S. authorities.
  • Under the non-prosecution agreement, Credit Suisse and UBS must fully cooperate with ongoing U.S. investigations and disclose any new information about related accounts.