Earlier this month, UBS Group rescued the failing Swiss bank Credit Suisse in a last-minute deal that might cause the company significant regulatory and legal headaches.
Notably, the Swiss bank continued to offer a safe haven for affluent American customers to conceal assets from the IRS, even after it was discovered and prosecuted for doing the same thing more than a decade ago, according to a report by the Senate Finance Committee published on March 29 citing two former Credit Suisse bankers who are now working with the US government as whistleblowers.
The report exposes widespread and persistent exploitation since then; the now-struggling bank seems to have breached that agreement. With the impending financial crisis, Wednesday’s report, which explains the conclusions of the panel’s two-year probe, takes on more significance.
“Credit Suisse employees aided and abetted a major criminal tax evasion scheme. To date, no Credit Suisse employees involved in the scheme have faced any consequences from the United States government for their participation,” a finance committee aide revealed.
In 2014, the bank infamously pleaded guilty to “knowingly and willfully” aiding thousands of US customers in their efforts to hide overseas assets and income from the Internal Revenue Service.
As part of its plea deal, it acknowledged that, in the past, it had utilized shell companies, deleted account records, and handed cash by hand to US...
FDA and consumer protection officials suspended production at a Samut Sakhon canned fish factory after alleged false labelling Thai food and consumer protection authorities have ordered a canned f...