Swiss bank pleads guilty to US tax evasion, fined $2.6bn

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Fabrice Coffrini/AFP/Getty Images
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.
Holder on Monday said an extensive investigation shows the bank and its subsidiaries engaged in a wide-ranging conspiracy as far back as 100 years ago. He said hundreds of Credit Suisse bank employees and managers deceived the U.S. government and American taxpayers by hiding assets in undeclared illegal bank accounts.
Holder said the bank went to elaborate lengths to shield itself and its clients.
Credit Suisse will pay $1.8 billion in fines and reimburse the Internal Revenue Service $670 million.
Holder said this case shows that no company can use its profitability as a shield against prosecution.
Source: Agencies

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