The Ministry of Justice announced that Credit Suisse admitted its guilt in hiding more than four billion dollars from 475 foreign accounts belonging to Credit Suisse bank. The bank agreed to pay 511 million dollars to U.S. authorities as part of a global settlement over charges of tax fraud, reported the UBS group, the bank's owner, and the U.S. Department of Justice.
The U.S. ministry clarified that the agreement includes the falsification of foreign accounts in Singapore for wealthy American clients seeking to evade tax payments in the U.S. from 2010 to 2021.
In 2023, UBS acquired Credit Suisse under the pressure of Swiss authorities to avoid its bankruptcy.
