On March 29, the Senate Finance Committee released a report on its investigation of Credit Suisse’s role in U.S. tax evasion schemes. The report, written by the Democratic staff of the Finance Committee, highlights the key role whistleblowers have played in uncovering Credit Suisse’s illegal tax activity and calls for the Internal Revenue Service (IRS) to dedicate more funding to its Whistleblower Office.
The 70-plus page report is the culmination of a two-year investigation into Credit Suisse’s handling of accounts owned or controlled by United States citizens. As the report explains, “the purpose of the investigation was to understand whether the bank violated the terms of its 2014 plea agreement with the Department of Justice involving the bank’s participation in a conspiracy to assist thousands of wealthy U.S. taxpayers in hiding offshore accounts from the Internal Revenue Service.”
In the 2014 plea deal, Credit Suisse pled guilty to a charge of conspiring to aid tax evasion. According to The New York Times, “Credit Suisse was fined a total of $2.6 billion, but avoided even higher fines because it vowed to the Justice Department and a Senate panel that it had not only stopped the practice, but that it would close ‘any and all accounts of recalcitrant account holders.’”
According to the Senate report, Credit Suisse violated the 2014 plea deal in a number of instances, “including failing to report what may be an ongoing criminal tax conspiracy involving nearly $100...
On 30 April 2026, DOJ announced a new anti-fraud initiative: the Fraud Oversight through Careful Use of Statistics (FOCUS) initiative. The FOCUS initiative is intended to strengthen DOJ’s working ...