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View the article online at http://citywire.co.uk/wealth-manager/article/a752187

Credit Suisse fined $2.6bn after guilty US tax evasion plea

by Danielle Levy on May 20, 2014 at 07:53

Credit Suisse fined $2.6bn after guilty US tax evasion plea

Credit Suisse has pleaded guilty to helping US clients to evade taxes in a landmark case, resulting in a $2.6 billion fine for the bank.

The FT reported that Credit Suisse's plea to one count of conspiracy in a courthouse in Virginia in the US resolves a long-running investigation into whether the private bank helped Americans to hide assets offshore. The outcome means that Credit Suisse is the first global bank in two decades to admit to such criminal charges.

As a result, the US Department of Justice will receive $1.8 billion in fines and restitution from Credit Suisse. New York state’s Department of Financial Services will receive $715 million, with $100 million going to the Federal Reserve.

Credit Suisse said this would result in an after-tax charge of SFr 1.6 billion during the second quarter but expected no impact on its licences. Brady Dougan, chief executive, said: 'We deeply regret the past misconduct that led to this settlement.'

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