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Credit Suisse admits scheme to hide more than $4 billion in offshore accounts for ultra-rich Americans


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Credit Suisse's services unit agreed to pay $511 million in fines, penalties, restitution, and forfeitures, authorities said.

Credit Suisse pleaded guilty to helping wealthy Americans evade taxes through an offshore unit, agreeing to pay $2.6 billion in penalties, marking the largest such fine ever imposed on a bank. This plea follows a similar case against UBS in 2009, where UBS paid $780 million for assisting clients in hiding assets. The Department of Justice highlighted that Credit Suisse's actions spanned over a decade, involving thousands of accounts and billions in assets, with the bank failing to disclose nearly 23,000 accounts to the IRS. This case underscores ongoing efforts by U.S. authorities to crack down on offshore tax evasion, with Credit Suisse also agreeing to cooperate with ongoing investigations and enhance its compliance programs.

Read the Full Fortune Article at:
[ https://fortune.com/article/credit-suisse-guilty-offshore-tax-scheme-rich-americans-ubs/ ]

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