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Credit Suisse agreed to pay $ 511 million and argue guilty of helping American taxpayers to hide more than $ 4 billion from authorities under an agreement with the US Department of Justice, and admitted that it has concluded a deal for similar reasons.
UBS, who acquired his rival as part of an emergency rescue in 2023, said on Monday that Krediet Suisse services would pay two fines in total slightly more than half a billion dollars.
This includes $ 372 million for helping with the preparation of false income tax returns and almost $ 139 million as part of a non-prosecution agreement with regard to American taxpayers booked in the Legacy Singapore Booking Center.
“UBS was not involved in the underlying behavior and has a zero tolerance for tax evasion,” said the bank, which submitted his own $ 780 million settlement with American prosecutors in 2009, in a statement. As a successor company to credit Suisse, UBS leaders signed the pleid agreement with officers who were submitted to the Federal Court in Virginia on Monday and appeared in the court on behalf of the company to introduce the guilty plea.
The Pleidooi agreement brings an end to a many years of study by the Doj, which said that Credit Suisse Americans helped to hide assets and income from the internal revenue service in at least 475 offshore accounts. The misconduct has broken a pleid agreement of 2014 that was affected by the lender with American authorities, it added.
“Among other things, fraudulent acts forged bankers at Credit Suisse, fictional donation paper work and served more than $ 1 billion in accounts without documentation of tax conformity,” the Doj said in a statement.
Credit Suisse agreed in 2014 to pay $ 2.6 billion – then the highest payment in a DOJ controlled case – to help our taxpayers who submit false reports.
The bank also concluded an agreement on Monday to prevent prosecution with regard to accounts it held in Singapore on behalf of American customers they used to avoid taxes. The total assets of the accounts, which were maintained between 2014 and 2023, amounted to more than $ 2 billion, the Doj said.
UBS discovered what did not seem to be declared American accounts in Singapore after merging with Credit Suisse – and later announced information about them with the Doj, according to federal prosecutors.
Among the deals, which do not protect individuals, Krediet Suisse Services and UBS must collaborate with the current probes of the Doj.
The settlement will be made after the US Senate Committee established in 2023 that Credit had been Suisse complicit to help ultra-rich Americans to avoid taxes, and that it had not been possible to report almost $ 100 million in secret offshore accounts of a single family of American taxpayers.
The investigation was activated after former employees of the Credit Suisse, who originally reported the illegal activities of the bank, said that the tax evasion “was” well after the pleidooi agreement and conviction “.