Credit Suisse violates deal on rich clients’ tax evasion

Credit Suisse has failed to disclose more than $700 million in previously undeclared accounts since 2014, in violation of a plea deal with the U.S. Department of Justice, a Senate committee said. (Getty Images)

GENEVA — Credit Suisse violated a plea agreement with U.S. authorities by failing to report secret offshore accounts that wealthy Americans used to avoid paying taxes, U.S. lawmakers said Wednesday, releasing a two-year investigation that detailed the role employees at the embattled Swiss bank had in aiding tax evasion by clients.

The Senate Finance Committee pointed to an ongoing, possibly criminal conspiracy tied to nearly $100 million in accounts belonging to American taxpayers that the bank did not disclose. It also said Credit Suisse helped a U.S. businessman hide more than $220 million in offshore accounts from the IRS.