Credit Suisse and U.S. Senate disagree over Swiss banking secrecy laws

The U.S. Senate wants more transparency, while Credit Suisse says the ball is in the Senate’s court

It’s wheeling and dealing that would make Frank Underwood proud. We’ll open up our books, say Swiss bankers, but first the U.S. government has to give us something in exchange.

In a Senate hearing on Feb. 26, Credit Suisse executives faced a tough line of questioning from U.S. authorities who claimed that Swiss bank secrecy laws make rooting out fraud tougher than it needs to be. The Senate’s Permanent Subcommittee on Investigations alleges that Credit Suisse helps customers hide billions of dollars from the Internal Revenue Service (IRS).

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Zach Warren

Zach Warren is Assistant Editor of InsideCounsel magazine, where he oversees online content submissions and administers InsideCounsel's enewsletters. Zach specializes in new media and multimedia...

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