The U.S. Senate Finance Committee has concluded that Credit Suisse violated a 2014 plea bargain with the government over the Swiss bank’s role in helping wealthy Americans evade taxes.
A two-year investigation by the commission found that a bank being acquired by rival UBS failed to disclose nearly $100 million in secret offshore accounts belonging to one family of American taxpayers.
Senator Ron Wyden, chairman of the committee, said: “At the heart of this investigation is the kidnapping of greedy Swiss bankers and government regulators.”
In a 2014 deal with the DOJ, Credit Suisse was fined $2.6 billion, but settled for $1.3 billion after agreeing to comply with disclosure rules.
In a statement, Credit Suisse said it “does not tolerate tax evasion”.
“At the heart of the report is a decade-old legacy issue, and since then we have implemented extensive enhancements to root out individuals who seek to hide assets from tax authorities.” added.
