Credit Suisse Fined Again in U.S. Tax Evasion Case

Credit Suisse Services AG, a unit of the now-defunct Credit Suisse, has pleaded guilty to conspiring to help ultra-wealthy American clients evade U.S. taxes by hiding over $4 billion in at least 475 offshore accounts, including those in Singapore. The scheme involved falsified records, fake donation paperwork, and undisclosed accounts, violating a 2014 plea agreement with U.S. authorities. The U.S. Department of Justice announced that Credit Suisse will pay a fine of approximately $510–$511 million. UBS, which acquired Credit Suisse in 2023, was not involved in the misconduct but will cover the settlement and expects to adjust its financial statements. A 2023 U.S. Senate Finance Committee report found that Credit Suisse continued facilitating tax evasion after its 2014 settlement, further concealing over $700 million. This penalty follows Credit Suisse's $2.5 billion fine in 2014 for similar offenses.