Credit Suisse to pay USD 2.6bln for helping rich Americans evade taxes
Switzerland's second-largest bank, Credit Suisse has reportedly agreed to plead guilty and pay more than 2.6 billion dollars to settle charges citing that the bank helped Americans to con funds from U.S. treasury.
This is the biggest criminal tax penalty ever.
According to Politico, the bank admitted destroying documents and building sham accounts to help Americans dodge taxes for decades.
Attorney General Eric Holder said that the bank will pay a total of 1.8 billion dollars as a fine of over 1.13 billion dollars and nearly 670 million dollars in restitution to the IRS.
American CEO of Credit Suisse, Brady Dougan said that resolving the matter completely is an important step for them.
This is the second noticeable tax evasion deal with UBS's 780 million dollars deal being the first, in 2009.
However the latest deal has overshadowed the UBS deal with a dramatic margin.
(Posted on 20-05-2014)