Credit Suisse Reportedly Concealed Over $700M From The US Government, Violating its Plea Deal

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A photo of the Credit Suisse logo on a building in Zurich, Switzerland

Credit Suisse, the Swiss banking giant, has reportedly failed to disclose more than $700 million in previously undeclared accounts since 2014, violating its plea deal with the US Department of Justice, according to a Senate report released on Wednesday. The Senate Finance Committee's two-year probe found that the bank was involved in a massive and ongoing conspiracy to help ultra-wealthy US citizens evade taxes and deceive Americans.

Credit Suisse pleaded guilty in 2014 to assisting US taxpayers in filing false income tax returns, agreeing to a plea deal that required it to disclose its cross-border activities and previously undisclosed accounts. As part of the plea deal, the bank paid a fine of over $1 billion. However, the Senate report found that Credit Suisse had violated key terms of its agreement by not informing the DOJ when it moved $100 million from a previously undisclosed account to other Swiss banks.

The new findings add to the bank's existing woes, as it faces scrutiny for its involvement in the collapse of Silicon Valley Bank. Credit Suisse has issued a statement saying that it does not tolerate tax evasion and that it is working with US authorities to address legacy conduct or policy concerns.

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