Credit Suisse hid over $700 million in accounts from the IRS, flouting a 2014 plea deal the bank made with the DOJ for criminal tax evasion, the Senate Finance Committee said in a report released today.
Based on information requests from the committee, the bank identified 23 undeclared accounts belonging to ultra-wealthy U.S. citizens with more than $20 million at the bank.
Based on information requests from the committee, the bank identified 23 undeclared accounts belonging to ultra-wealthy U.S. citizens with more than $20 million at the bank. The Senate report noted that more concealed accounts could be uncovered as the bank’s review continues. The revelations pose potentially significant problems for Credit Suisse, which reached an agreement on March 19 to be bought and have its legal liabilities assumed by domestic Swiss rival UBS.
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