The Credit Suisse Group violated the terms of a 2014 criminal plea agreement in which it promised to stop helping Americans hide assets from the U.S. tax authorities, according to a Senate report .The Senate Finance Committee’s Democratic staff said Credit Suisse failed to report bank transfers tied to what it says may be an ongoing criminal tax conspiracy involving more than $100 million held by a family with dual citizenship in the U.S. and Latin America.
“It is deeply concerning that almost nine years after executives testified before Congress that the bank would clean up its act, Credit Suisse is still disclosing hundreds of millions of dollars in secret offshore accounts belonging to wealthy taxpayers,” the report says In the 2014 plea agreement with the Justice Department, Credit Suisse admitted that it had helped Americans evade taxes for years. It agreed to pay $2.6 billion and said it would comply with U.S. law.
Jeffrey Newman is a whistleblower lawyer who handles matters in the SEC whistleblower program and False Claims Act cases. He can be reached at 617-823-3217
