Sunday, Nov 23, 2014Sunday, Nov 23, 2014
 

Swiss bank accused of helping clients evade US taxes

Published on Feb 26, 2014 10:12 AM
 
Switzerland's second largest bank, Credit Suisse, used elaborate measures to find wealthy clients and help them evade US tax authorities, a scathing report from a Senate inquiry said Tuesday. -- FILE PHOTO: REUTERS

WASHINGTON (AFP) - Switzerland's second largest bank, Credit Suisse, used elaborate measures to find wealthy clients and help them evade US tax authorities, a scathing report from a Senate inquiry said Tuesday.

The report contains the results of a two-year Senate investigation and comes a day before the heavily-anticipated questioning of Credit Suisse chief Brady Dougan and other top bank figures before the panel.

"The investigation found that, as of 2006, Credit Suisse had over 22,000 US customers with Swiss accounts whose assets, at their peak, exceeded 12 billion Swiss francs (S$17.1 billion)," the report said.

"Although Credit Suisse has not determined or estimated how many of those accounts were hidden from US authorities, the data suggests the vast majority were undeclared," it added.

 
If you are not a subscriber, you can get instant, unlimited access here