Credit Suisse Accused of Helping Americans Evade Taxes

Credit Suisse hid over $700 million in accounts from the IRS, violating a 2014 plea deal with the Justice Department for criminal tax evasion, according to a report by the Senate Finance Committee. The bank failed to disclose the transfer of nearly $100 million belonging to a U.S.-Latin American family from undisclosed accounts to other banks for almost a decade. The report also found that Credit Suisse abetted U.S. businessman Dan Horsky, who admitted to concealing $220 million from the U.S. government in 2016. The revelations could pose significant problems for Credit Suisse, which is being acquired by UBS.