Credit Suisse admits to helping wealthy Americans evade U.S. taxes

The Swiss company Credit Suisse Services AG has pleaded guilty to conspiring to conceal over $4 billion from the U.S. Internal Revenue Service (IRS) through at least 475 offshore accounts, according to the US Department of Justice.

As part of the settlement, Credit Suisse Services AG agreed to pay more than $510 million in fines and restitution.

The criminal conduct occurred between January 2010 and approximately July 2021.

"Credit Suisse AG, whose clients included ultra-high-net-worth individuals from around the world, conspired with its employees, U.S. clients, and others to knowingly assist U.S. citizens in concealing ownership and control of assets and funds held at the bank," the DOJ statement said.

This enabled these American clients to systematically evade their U.S. tax obligations.

Between 2014 and June 2023, illegal activities also took place at Credit Suisse AG’s Singapore branch. As part of the agreement, the parties entered into a non-prosecution agreement (NPA) concerning the Singapore operations.

• In May 2024, Credit Suisse, a bank with a 168-year history, ceased to exist as a separate financial institution due to financial difficulties. All rights and obligations, including outstanding debt instruments, were transferred to UBS.