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International Business Times

Business

Credit Suisse to Pay $511 Million for Helping US Taxpayers in Hiding Money Offshore

Credit Suisse United States UBS Jeffrey Neiman Ron Wyden DOJ

This photograph shows a sign of the Credit Suisse which reads in German as 'part of the UBS group' and displayed on a branch of Swiss banking giant UBS in the resort of St. Moritz on December 20, 2024.

Credit Suisse Services AG, a unit of the Swiss banking giant, has pleaded guilty to a serious crime: helping rich American taxpayers hide more than $4 billion in offshore accounts to avoid paying US taxes.

The US Department of Justice announced on Monday that the bank has agreed to pay nearly $511 million in penalties as part of a legal settlement.

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