The Department of Justice (DOJ) said Credit Suisse Services AG will pay more than $510 million in penalties for its part in aiding U.S. taxpayers in skirting the IRS through offshore accounts.
The more than $510 million in “penalties, restitution, forfeiture and fines” that Credit Suisse Services AG must pay are part of a guilty plea and non-prosecution agreement that the now UBS-owned bank entered on Monday for “conspiring” to hide more than $4 billion worth of assets held by some rich clients via several hundred offshore accounts, according to the DOJ.
Credit Suisse Services AG “conspired with employees, U.S. customers, and others to willfully aid U.S. customers in concealing their ownership and control of assets and funds held at the bank” during the 11.5-year period between January 2010 and July 2021, the DOJ said.
During that time, the bank allowed extremely wealthy U.S. customers to have “undeclared” offshore accounts and furnished them with “offshore private banking services” that facilitated hiding assets from the IRS and “continued failure to file FBARs,” measures that violated a previous 2014 plea agreement, according to the DOJ.
Credit Suisse’s non-prosecution agreement, the DOJ said, centers on “undeclared accounts” for American taxpayers worth over