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 4th, 2014.
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 4th, 2014.