Credit Suisse tentatively agrees to $2.5 billion payment over tax evasion probe

The bank will also plead guilty to criminal charges of tax evasion in the case

Financial institutions such as Credit Suisse Group AG are used to government-mandated penalties — the Swiss bank settled with the Federal Housing Finance Agency for $885 million in March. But this particular penalty has nothing to do with the financial crisis, and everything to do with perhaps a longer-term problem within the industry: tax evasion.

Credit Suisse has tentatively agreed to pay $2.5 billion and plead guilty to criminal charges alleging that the bank helped Americans evade taxes. U.S. regulators have been investigating Credit Suisse’s dealings with American citizens, believing that Swiss bank secrecy laws have been instrumental in helping stash taxable funds overseas.

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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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