Latest news with #CreditSuisseServicesAG
Yahoo
08-05-2025
- Business
- Yahoo
Credit Suisse penalized more than $510 million for helping wealthy US clients evade taxes
The Department of Justice (DOJ) said Credit Suisse Services AG will pay more than $510 million in penalties for its part in aiding U.S. taxpayers in skirting the IRS through offshore accounts. The more than $510 million in "penalties, restitution, forfeiture and fines" that Credit Suisse Services AG must pay are part of a guilty plea and non-prosecution agreement that the now UBS-owned bank entered on Monday for "conspiring" to hide more than $4 billion worth of assets held by some rich clients via several hundred offshore accounts, according to the DOJ. Credit Suisse Services AG "conspired with employees, U.S. customers, and others to willfully aid U.S. customers in concealing their ownership and control of assets and funds held at the bank" during the 11.5-year period between January 2010 and July 2021, the DOJ said. The logo of Swiss bank Credit Suisse at its headquarters in Zurich on March 24, 2021. During that time, the bank allowed extremely wealthy U.S. customers to have "undeclared" offshore accounts and furnished them with "offshore private banking services" that facilitated hiding assets from the IRS and "continued failure to file FBARs," measures that violated a previous 2014 plea agreement, according to the DOJ. Credit Suisse's non-prosecution agreement, the DOJ said, centers on "undeclared accounts" for American taxpayers worth over $2 billion held at Credit Suisse AG Singapore from 2014 through June 2023. The DOJ said UBS "became aware of the accounts held at Credit Suisse AG Singapore that appeared to be undeclared U.S. accounts" after it acquired the rival bank and "voluntarily" supplied the DOJ with information on them. Read On The Fox Business App The Department of Justice in Washington, D.C., on Aug. 18, 2022. Credit Suisse Services AG and owner UBS have agreed to cooperate with "ongoing investigations" and provide any further information about U.S. accounts that may arise, as part of its guilty plea and non-prosecution agreement, according to the DOJ. In 2014, Credit Suisse became the largest bank in 20 years to plead guilty to a U.S. criminal charge, agreeing to pay a $2.5 billion fine for helping Americans evade taxes in a conspiracy that spanned decades. Chinese Community Leader-businessman In New York Convicted As Illegal Agent Of The Ccp In 'Fox Hunt' Scheme Before Monday's settlement, the U.S. Senate Finance Committee in 2023 had found Credit Suisse violated its 2014 deal made with U.S. authorities by continuing to help with tax evasion and concealing more than $700 million from the government. UBS said on Monday that Credit Suisse Services AG pleaded guilty to one count of conspiracy to aid and assist in the preparation of false income tax returns.
Online Citizen
06-05-2025
- Business
- Online Citizen
Credit Suisse Services AG admits to U.S. tax conspiracy involving Singapore accounts
Credit Suisse Services AG has pleaded guilty to conspiring with U.S. taxpayers to conceal more than US$4 billion in offshore accounts—including accounts held in Singapore—and has admitted that Credit Suisse AG breached a 2014 plea agreement with the United States. The announcement was made on 6 May 2025 via a press release issued by the Office of Public Affairs of the U.S. Department of Justice (DOJ). Alongside the guilty plea, Credit Suisse Services AG entered into a non-prosecution agreement (NPA) concerning undeclared U.S. accounts held at Credit Suisse AG Singapore. The NPA requires the company to cooperate with ongoing DOJ investigations and pay over US$510 million in penalties, restitution, asset forfeiture, and fines. According to court documents cited in the DOJ's release, the conspiracy spanned from 1 January 2010 until approximately July 2021. During this time, Credit Suisse AG worked with employees, U.S. clients, and others to obscure ownership and control of assets to evade IRS scrutiny. The scheme involved maintaining undeclared offshore accounts and facilitating various private banking services designed to help U.S. taxpayers avoid disclosing assets and income. Bankers involved in the scheme falsified documents, processed fraudulent donation records, and failed to ensure compliance with U.S. tax laws. At least US$1 billion in accounts were serviced without verifying tax compliance. This conduct violated the terms of a 2014 plea agreement in which Credit Suisse AG had already admitted to similar wrongdoing. The DOJ determined that the bank engaged in 'new criminal conduct,' thereby breaching the earlier deal. Between 2014 and June 2023, Credit Suisse AG Singapore held undeclared accounts for U.S. persons with over US$2 billion in assets. It failed to identify beneficial owners and neglected to investigate signs that account holders were U.S. taxpayers. Following the merger of UBS AG Singapore and Credit Suisse AG Singapore in 2023, UBS discovered the undeclared accounts and voluntarily reported them to the DOJ. UBS froze some of the accounts and initiated an internal review. The DOJ noted that, under the resolution, Credit Suisse Services AG—and by extension, UBS AG—is required to provide ongoing cooperation and disclose any further relevant information. The agreements provide no immunity to individual employees or clients involved. Legal proceedings against such individuals may still be pursued. Acting Deputy Assistant Attorney General Karen E. Kelly of the DOJ's Tax Division, U.S. Attorney Erik S. Siebert for the Eastern District of Virginia, and IRS Criminal Investigation (IRS-CI) Chief Guy Ficco jointly announced the resolution. According to the press release, IRS-CI agents from its International Tax & Financial Crimes group conducted the investigation with support from the DOJ's Office of International Affairs.
Business Times
06-05-2025
- Business
- Business Times
Credit Suisse to pay US$511 million as part of agreement with US DOJ in tax evasion case involving Singapore accounts
A CREDIT Suisse unit on Monday pleaded guilty to US charges of helping ultra-wealthy Americans evade taxes and will pay a fine of more than US$510 million, the US Department of Justice said on Monday. Credit Suisse Services AG pleaded guilty and was sentenced on Monday for conspiring to hide more than US$4 billion from the US Internal Revenue Service in at least 475 offshore accounts, the department said. The guilty plea stems from the Swiss bank maintaining accounts in Singapore on behalf of US taxpayers who were using offshore accounts to evade US taxes and reporting requirements, according to the release. 'Among other fraudulent acts, bankers at Credit Suisse falsified records, processed fictitious donation paperwork, and serviced more than US$1 billion in accounts without documentation of tax compliance,' the Justice Department said. 'In doing so, Credit Suisse AG committed new crimes and breached its May 2014 plea agreement with the United States.' In 2014, Credit Suisse became the largest bank in 20 years to plead guilty to a US criminal charge, agreeing to pay a US$2.5 billion fine for helping Americans evade taxes in a conspiracy that spanned decades. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Prior to Monday's settlement, the US Senate Finance Committee in 2023 had found Credit Suisse violated its 2014 deal made with US authorities by continuing to help with the tax evasion and concealing more than US$700 million from the government. UBS said on Monday that Credit Suisse Services AG pleaded guilty to one count of conspiracy to aid and assist in the preparation of false income tax returns. UBS said it was not involved in the underlying conduct, which began before its acquisition of Credit Suisse in 2023. The Swiss lender had accounted for the issue as a contingent liability when acquiring Credit Suisse, and expects this to be partially released as a credit in the second quarter. Simultaneously, the bank also expects to record a charge related to the payment in the quarter. In addition to the guilty plea and fine, Credit Suisse Services entered into a non-prosecution agreement that requires it and UBS to cooperate with investigations and affirmatively disclose any information it may later uncover regarding US-related accounts, the Justice Department said. REUTERS
Business Times
05-05-2025
- Business
- Business Times
Credit Suisse to pay US$511 million as part of agreement with US DOJ in tax evasion case
A CREDIT Suisse unit on Monday pleaded guilty to US charges of helping ultra-wealthy Americans evade taxes and will pay a fine of more than US$510 million, the US Department of Justice said on Monday. Credit Suisse Services AG pleaded guilty and was sentenced on Monday for conspiring to hide more than US$4 billion from the US Internal Revenue Service in at least 475 offshore accounts, the department said. The guilty plea stems from the Swiss bank maintaining accounts in Singapore on behalf of US taxpayers who were using offshore accounts to evade US taxes and reporting requirements, according to the release. 'Among other fraudulent acts, bankers at Credit Suisse falsified records, processed fictitious donation paperwork, and serviced more than US$1 billion in accounts without documentation of tax compliance,' the Justice Department said. 'In doing so, Credit Suisse AG committed new crimes and breached its May 2014 plea agreement with the United States.' In 2014, Credit Suisse became the largest bank in 20 years to plead guilty to a US criminal charge, agreeing to pay a US$2.5 billion fine for helping Americans evade taxes in a conspiracy that spanned decades. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Prior to Monday's settlement, the US Senate Finance Committee in 2023 had found Credit Suisse violated its 2014 deal made with US authorities by continuing to help with the tax evasion and concealing more than US$700 million from the government. UBS said on Monday that Credit Suisse Services AG pleaded guilty to one count of conspiracy to aid and assist in the preparation of false income tax returns. UBS said it was not involved in the underlying conduct, which began before its acquisition of Credit Suisse in 2023. The Swiss lender had accounted for the issue as a contingent liability when acquiring Credit Suisse, and expects this to be partially released as a credit in the second quarter. Simultaneously, the bank also expects to record a charge related to the payment in the quarter. In addition to the guilty plea and fine, Credit Suisse Services entered into a non-prosecution agreement that requires it and UBS to cooperate with investigations and affirmatively disclose any information it may later uncover regarding US-related accounts, the Justice Department said. REUTERS
