{"id":5574,"date":"2014-01-18T00:00:00","date_gmt":"2014-01-18T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2014\/01\/credit_suisse_could_settle_wit"},"modified":"2022-03-11T08:55:11","modified_gmt":"2022-03-11T14:55:11","slug":"credit-suisse-could-settle-wit","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/credit-suisse-could-settle-wit\/","title":{"rendered":"Credit Suisse Could Settle with US Over Tax Evasion Allegations for Over $800M"},"content":{"rendered":"\n

Credit Suisse Group AG (ADR) is currently in talks with the US Department of Justice to settle allegations that the Swiss bank helped American citizens evade taxes. Credit Suisse is one of a dozen Swiss banks under criminal investigation for allegedly helping US citizens use the bank secrecy laws of Switzerland to hide their assets so they wouldn\u2019t have to pay taxes on them.<\/p>\n

The financial institution is no longer taking private-banking clients from the US as authorities in this country continue to crack down on offshore tax cheats. Other Swiss banks under investigation include HSBC Holdings (HSBC) PLC and Julius Baer Group AG (JBAXY).<\/p>\n

Because of the scrutiny, these banks cannot take part in a new US DOJ program that lets Swiss banking institutions disclose undeclared US assets in exchange for the possibility of huge fines but also the guarantee of no prosecution. Penalty is 20% of the maximum aggregate dollar value of non-disclosed US accounts still held on 8\/1\/08. This amount would go up to 30% for secret accounts established after that time but before February 2009. The penalty is 50% for secret accounts set up after this date.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Credit Suisse Group AG (ADR) is currently in talks with the US Department of Justice to settle allegations that the Swiss bank helped American citizens evade taxes. Credit Suisse is one of a dozen Swiss banks under criminal investigation for allegedly helping US citizens use the bank secrecy laws of Switzerland to hide their assets […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3817,3752],"tags":[],"class_list":["post-5574","post","type-post","status-publish","format-standard","hentry","category-credit-suisse","category-financial-firms"],"yoast_head":"\nCredit Suisse Could Settle with US Over Tax Evasion Allegations for Over $800M — Investor Lawyers Blog — January 18, 2014<\/title>\n<meta name=\"description\" content=\"Credit Suisse Group AG (ADR) is currently in talks with the US Department of Justice to settle allegations that the Swiss bank helped American citizens — January 18, 2014\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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