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Credit Suisse admits to helping US taxpayers hide money

The logos of Swiss banks Credit Suisse and UBS on a building.
Photo: Arnd Wiegmann/Getty Images

Thomas Hyrkiel

1 min read
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Bank pleads guilty to hiding more than $4 billion in assets and income and will pay more than $510m in penalties and fines.

The bank, which is now owned by rival UBS, enabled US customers to evade their tax obligations in a number of ways including:

  • opening and maintaining at least 475 undeclared offshore accounts;
  • providing banking services that assisted in the concealment of assets and income from the IRS; and
  • facilitating their failure
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