The Senate Finance Committee report, the result of a two-year investigation, contends the troubled Swiss bank violated a 2014 plea agreement.
The Finance Committee’s findings, the result of a two-year investigation, “underscores that these tax cheats often hide their assets with the willing assistance of bankers at foreign financial institutions,” the report says.
The report said Credit Suisse failed to report the transfer of $100 million in accounts of a U.S. family with dual citizenship to offshore accounts without notifying the Justice Department, which would violate the plea agreement. The report also notes that, years after the plea agreement, Credit Suisse disclosed that there were 23 “potentially undeclared accounts” belonging to U.S. citizens, each containing at least $20 million.
In a statement, Credit Suisse said that the report detailed “legacy issues,” some extending back a decade. Since then, it has implemented policies meant to root out individuals seeking to hide assets from U.S. tax officials. The bank added that it has been cooperating with the Senate committee, as well as the Justice Department “to address some remaining legacy conduct or policy concerns, and will continue to do so.
In a statement to The Washington Post, UBS spokesman Erica Chase said: “As part of our due diligence related to UBS’s acquisition of Credit Suisse, we made an assessment of outstanding litigation and investigation matters. We expect the transaction will be accretive to our shareholders in a wide range of business scenarios.”
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