Senate Accuses Swiss Bank of Helping Americans Evade Taxes

A Senate report into Credit Suisse says it was "deeply involved in facilitating U.S. tax evasion"

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Switzerland’s second largest bank, Credit Suisse, has been accused of helping U.S. customers evade billions of dollars in taxes.

A Senate report released on Tuesday details how Swiss banks, including Credit Suisse, allegedly used cloak-and-dagger practices to aid and abet tax evasion by their U.S. customers. The report follows a two-year investigation by the U.S. Senate Permanent Subcommittee on Investigations.

According to the report, more than 22,000 U.S. customers held accounts with the Swiss bank, with assets totaling $13.5 billion (12 billion Swiss Francs) at their peak. The vast majority of that money was hidden from U.S. authorities, say the authors. The investigation also claimed U.S. law enforcement officials were slow to collect the unpaid taxes or hold tax evaders accountable and said Swiss government banking secrecy restrictions enabled the vast majority of U.S. clients to remain hidden.

“The Credit Suisse case study shows how a Swiss bank aided and abetted U.S. tax evasion, not only from behind a veil of secrecy in Switzerland, but also on U.S. soil by sending Swiss bankers here to open hidden accounts,” said Senator Carl Levin, D-Mich., the subcommittee chairman, in a statement. “The battle against tax havens using secrecy laws to facilitate U.S. tax evasion has bogged down, causing a huge loss to our treasury.”

The report was released ahead of a planned subcommittee hearing on Wednesday in which Senators are expected to question Credit Suisse chief Brady Dougan and other top bank officials.

3 comments
paulgeorges
paulgeorges

Is that normal that middle class see his purchage power down ,rising taxes and wealthies lettinh huge sum of money in Switzerland and other loopholes?   I hightly recomand for those able to read in French,Italien or German to have a look on Swiss newspapers about this topic .They don't give a damn and prefer to pay fine because they earn more than they pay for . http://www.youtube.com/watch?v=6L21D7EBvr4

z28rgr8
z28rgr8

Money earned and retained in foreign countries should not be taxed by the US and subsequently given as handouts to the entitlement-mentality of Americans!  I earned it - I'm the one entitled to it, not those uneducated, unskilled low-lifes who keep having children they can't afford!!

j45ashton
j45ashton

Ridiculous.  Surprise!  Ever since I was a kid I've heard about the rich maintaining Swiss bank accounts to avoid taxes.  This is just the tip of the iceberg. Don't understand why the GOP continues to fight the elimination of tax loopholes.  By definition, a loophole is an unintended escape hatch.  Close all loopholes, personal & corporate.  See the consequences and deal with tax reform.