Credit Suisse Group has pleaded guilty to criminal charges that it helped Americans evade taxes, becoming the first bank in more than a decade to admit to a crime in the US. It will now pay a long-expected fine of $2.5bn (£1.5bn).
“This case shows that no financial institution no matter its size or global reach is above the law,” said the attorney general, Eric Holder. He said the years-long investigation had uncovered evidence of an “extensive and wide-ranging” conspiracy to hide taxes from the Internal Revenue Service (IRS) and the bank’s involvement in it.
“The bank went to elaborate lengths to shield itself, its employees, and the tax cheats it served from accountability for their criminal actions. They subverted disclosure requirements, destroyed bank records, and concealed transactions involving undeclared accounts by limiting withdrawal amounts and using offshore credit and debit cards to repatriate funds. They failed to take even the most basic steps to ensure compliance with tax laws,” said Holder.
Holder said the bank helped account holders deceive the IRS by concealing assets and income in illegal, undeclared bank accounts. “These secret offshore accounts were held in the names of sham entities and foundations. This conspiracy spanned decades. In the case of at least one wholly owned subsidiary, the practice of using sham entities to conceal funds began more than a century ago,” said Holder. Full story...
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“This case shows that no financial institution no matter its size or global reach is above the law,” said the attorney general, Eric Holder. He said the years-long investigation had uncovered evidence of an “extensive and wide-ranging” conspiracy to hide taxes from the Internal Revenue Service (IRS) and the bank’s involvement in it.
“The bank went to elaborate lengths to shield itself, its employees, and the tax cheats it served from accountability for their criminal actions. They subverted disclosure requirements, destroyed bank records, and concealed transactions involving undeclared accounts by limiting withdrawal amounts and using offshore credit and debit cards to repatriate funds. They failed to take even the most basic steps to ensure compliance with tax laws,” said Holder.
Holder said the bank helped account holders deceive the IRS by concealing assets and income in illegal, undeclared bank accounts. “These secret offshore accounts were held in the names of sham entities and foundations. This conspiracy spanned decades. In the case of at least one wholly owned subsidiary, the practice of using sham entities to conceal funds began more than a century ago,” said Holder. Full story...
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