Swiss bank Credit Suisse pleaded guilty Monday to the charge that it facilitated wealthy Americans who sought to commit tax evasion, becoming the first major bank to admit criminal wrongdoing in over 20 years and agreeing to pay $2.6 billion in fines.
The settlement announcement Monday included an acknowledgement from bank officials that they knowingly and intentionally helped thousands of US citizens put their money into offshore accounts, allowing them to hide financial assets from the US Internal Revenue Service. US Attorney General Eric Holder, who has been criticized for being too slow to go after major banks, told reporters that the admission of guilt was a major step forward for prosecutors investigating financial institutions. Continue reading “Swiss bank admits to helping wealthy Americans avoid taxes, fined $2.6 bn”

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