Malpractice: Credit Suisse accused of tax evasion

US Attorney General Eric Holder meets Swiss counterpart on Friday as investigators crack down on Swiss banks

WASHINGTON: US Attorney General Eric Holder met with his counterpart from Switzerland on Friday as investigators crack down on Swiss banks that help US customers avoid paying taxes. US officials were tight-lipped about the content of the meeting between Holder and Eveline Widmer-Schlumpf, but revealed that the US probe into the Credit Suisse bank was discussed. Credit Suisse has been in talks with the Justice Department to settle a probe over its role in enabling Americans evade taxes. US prosecutors have reportedly pressed for a guilty plea from a bank subsidiary. One possible outcome is that Credit Suisse will be fined. Press reports say the fine could exceed the $780 million that another Swiss bank, UBS, paid in 2009. In early April, Credit Suisse said it had set aside 425 million Swiss francs ($476 million) in provisions for a possible deal with US tax authorities.

Published in The Express Tribune, May 4^th, 2014.

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