Credit Suisse Services AG has agreed to pay approximately $511 million to resolve a criminal case involving the concealment of over $4 billion in at least 475 offshore accounts, as announced by the Department of Justice on Monday.
This conspiracy allegedly enabled “ultra-high-net-worth and high-net-worth individual clients” of the Swiss bank to avoid their U.S. tax responsibilities from 2010 to 2021, according to the DOJ’s statements.
The department further noted, “In doing so, Credit Suisse AG committed new crimes and breached its May 2014 plea agreement with the United States.”
UBS, the parent company of Credit Suisse, stated in a statement that it was “not involved in the underlying conduct and has zero tolerance for tax evasion.” UBS completed its acquisition of Credit Suisse in 2023.
The bank expressed satisfaction with the resolution, emphasizing its commitment to addressing legacy issues associated with Credit Suisse promptly and fairly, stating that this aligns with UBS’s goal to act in the best interest of all stakeholders.
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