Credit Suisse Services AG, a Swiss corporation affiliated with the now-merged Credit Suisse AG, pleaded guilty on May 5 to conspiring with U.S. taxpayers to hide over $4 billion in offshore accounts.
The plea marks a major development in a long-running investigation into cross-border tax evasion and financial fraud.
What Happened: According to a press release from the Department of Justice, the company admitted to helping U.S. clients evade taxes between 2010 and 2021 by maintaining at least 475 undeclared offshore accounts and falsifying documentation.
Credit Suisse AG also breached its 2014 plea agreement with the U.S. government by committing new financial crimes.
In a related matter, Credit Suisse Services AG entered into a non-prosecution agreement (NPA) concerning undeclared U.S.-linked accounts booked at its Singapore branch. Combined, these resolutions require the company to pay more than $510 million in penalties, restitution, and fines.
Why It Matters: The case highlights the lingering financial and legal fallout from UBS’s emergency acquisition of Credit Suisse. According to The Wall Street Journal, UBS is set to pay over $510 million to resolve the matter—$371.9 million tied to Credit Suisse's role in helping prepare false tax returns, and $138.7 million related to undeclared U.S. accounts in Singapore.
While UBS was not involved in the original misconduct, it inherited these issues through the takeover and had already set aside provisions to manage such legacy liabilities.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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