Credit Suisse has been tax evading American money for years, according to an investigation by the United States Senate Committee on Public Affairs this Wednesday. The Swiss bank has identified 23 undeclared accounts belonging to wealthy Americans of more than $20 million each, according to the Wyden investigation, which has now concluded after two years of investigation.
The bank hid more than $700 million from US authorities, in “serious violations” of a settlement agreement reached with the Department of Justice in 2014 after it was already revealed at the time that tax evasion had been allowed.
Credit Suisse employees “knowingly and willingly” helped American financier Dan Horsky hide $220 million from US authorities, according to an investigation. The Swiss bank, a victim of the financial crisis in recent weeks, had to be bailed out by another Swiss entity, UBS, for more than 3,000 million euros.
Credit Suisse defends itself and ensures that it cooperates with the authorities
In a statement, Credit Suisse responded that it does not tolerate tax evasion and is cooperating with US authorities. “He believes the new leadership has helped with the Committee’s investigation and supported the work of Senator Wyden, including proposals to help strengthen the industry’s ability to detect missing US persons,” they said.
The violations included in the Wyden investigation documents do not reveal that one family had nearly $100 million in remote accounts, which the Committee believes is “a powerful and ongoing criminal conspiracy.”
“At the center of this investigation are greedy Swiss bankers and unwitting government officials. It appears to be the result of a massive and ongoing conspiracy.
to help ultra-wealthy US citizens evade taxes and limit their own people,” Wyden himself pointed out.
