Tax & Accounting News

Credit Suisse Ends Tax Probe With $324 Million Payment

10/23/2022

Credit Suisse has recently been the subject of multiple tax probes worldwide and has agreed to make a $324 million payment to end one situation.

Per Reuters, the finance giant will pay the fee to end a French tax probe, which has seen investigators looking into whether the Swiss bank assisted wealthy clients in tax evasion.

The outlet notes that "prosecutors have said [the tax scheme] took place in several countries between 2005 and 2012, caused "fiscal damage" of more than 100 million euros to the French state."

Credit Suisse issued an official statement, in which they made clear that this deal "do not comprise a recognition of criminal activity."

Attorneys for the financial institution expressed that making the payment is the best way to "turn the page" on the investigation.

Amid the situation in Europe, Credit Suisse is also being investigated by United States authorities.

On October 11, Bloomberg shared details about the investigation, which stems from a 2014 situation that saw the financial giant pay $2.6 billion after admitting to aiding clients with tax evasion.

Now, the Justice Department seemingly has reason to believe that Credit Suisse may not have stopped these activities.

Bloomberg noted specifically that the DoJ is "examining whether the bank aided US account holders, particularly with South American passports, who may not have told the Internal Revenue Service about assets totaling hundreds of millions of dollars, according to people familiar with the matter. Former bankers blew the whistle on the bank, court records show."

The bank has categorically denied any ongoing wrongdoing. Prior to the current investigation, in October 2021, the United States Securities and Exchange Commission (SEC) confirmed that Credit Suisse paid $475 million to US and UK authorities to resolve charges connected to fraudulent bond offerings in the African nation of Mozambique.

What do you think about Credit Suisse?

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