New allegations of tax evasion against Credit Suisse in the US

The major bank Credit Suisse, which is about to merge with UBS, is again facing allegations of complicity in US tax evasion. CS continues to help wealthy Americans hide assets from the U.S. Treasury, Sen. Ron Wyden said Wednesday at a hearing before the U.S. Senate Treasury Committee (SFC).

The CS opposes this. “Credit Suisse does not tolerate tax evasion,” the bank said in a statement. The report essentially details legacy issues, some of which date back 10 years. The bank has since taken extensive steps to identify people trying to hide assets.

Credit Suisse’s new management team cooperated fully with the SFC and also supported Senator Wyden’s work accordingly, it said. “Our clear direction is to close unreported accounts when identified and to appropriately punish any employees who fail to meet Credit Suisse standards of conduct.” The bank is also actively working with US authorities to specifically address legacy issues and will continue to do so.

In May 2014, Credit Suisse pleaded guilty to the US for aiding and abetting tax evasion by US citizens and was ordered to pay a fine of approximately $2.5 billion. (aeg/sda/awp)