Credit Suisse pays more than $ 510 million of sanctions to help us 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 of “penalties, compensation, confiscation and fines” that Credit Suisse Services must pay is part of a guilt and an agreement that is not full of the bank now owned by UBS on Monday because of “conspiracy” to rid more than $ 4 billion of assets owned by some wealthy customers through many external accounts, According to the Ministry of Justice.

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 the highly wealthy customers to have “non -teacher” accounts abroad and provide them with “private banking services abroad” that facilitated the concealment of assets from Tax Authority And “continuous failure to submit FBARS”, measures violating a previous call agreement for the year 2014, according to the Ministry of Justice.

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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.

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 the settlement of Monday, the US Senate Finance Committee in 2023 Find Credit Suisse has 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 Ag Admit For one of the conspiracy charges 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 announced that it will work Take over Credit Suisse in March 2023. This deal came as Credit Suisse was at the time, facing fears that could collapse.

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

Reuters contributed to this report.