Credit Suisse is still helping ultra-wealthy Americans evade taxes, Senate panel says | CNN Business

Credit Suisse, one of Switzerland’s largest banks, has been accused of helping America’s richest individuals evade taxes, according to a report from the Senate Permanent Subcommittee on Investigations. The new report suggests that Credit Suisse has ignored previous warnings from the U.S. government and hid its clients’ assets to avoid detection. The bank has also been accused of hiding its dealings from outside auditors, both in Switzerland and the U.S.

Credit Suisse has come under fire before for their tax evasion practices. In 2014, the bank pleaded guilty to helping wealthy Americans hide their assets from the IRS and paid a $2.6 billion fine. However, despite the penalty, the bank has continued to offer the same services to ultra-wealthy clients.

The report revealed that Credit Suisse created complex financial products to hide the assets of wealthy Americans from the IRS. These products were marketed under euphemistic names like “Swiss plans” and offered banking secrecy to wealthy clients in the United States. The bank also went to great lengths to avoid detection, including using encrypted laptops and secret meetings held in luxury hotels.

The Senate commission report is an alarming reminder that some of the world’s largest banks continue to help their wealthy clients evade taxes. Credit Suisse is no stranger to these allegations, and the bank’s repeated involvement in tax evasion has led to further scrutiny. This report is a call to action for lawmakers and regulators to take swift measures to hold financial institutions accountable and put an end to tax evasion by the world’s wealthiest individuals.