Credit Suisse to Pay $511 Million in U.S. Tax Evasion Settlement

Credit Suisse Services AG has pleaded guilty to conspiring to help American clients hide over $4 billion in at least 475 offshore accounts, violating a 2014 plea agreement with U.S. authorities. The U.S. Department of Justice stated the bank's actions enabled ultra-wealthy clients to evade taxes between 2010 and 2021. As part of the settlement, Credit Suisse Services AG will pay approximately $511 million in penalties, restitution, forfeiture, and fines. The agreement also includes a non-prosecution provision regarding accounts booked in Singapore, while the guilty plea pertains to aiding the preparation of false tax returns. UBS, which acquired Credit Suisse in 2023, emphasized it was not involved in the misconduct and had accounted for potential liabilities from the acquisition. This settlement follows a 2023 U.S. Senate Finance Committee finding that Credit Suisse continued to assist with tax evasion after its 2014 plea deal.