Banking giant Credit Suisse "helped" thousands of its US customers avoid tax by opening Swiss accounts on their behalf, a report has claimed.
The bank helped clients create offshore entities and complete transactions in a way designed to avoid arousing suspicion, the report from the Senate's Permanent Subcommittee on Investigations alleges. The Swiss accounts contained assets totalling $12bn (£7.2bn) at their peak, it is claimed. Credit Suisse's private banking and wealth management division has already set aside 175m Swiss francs (£118m) to fight a US investigation into hidden offshore accounts in Switzerland. It declined to comment on the latest report. Prosecutors in the US are chasing 14 Swiss banks for allegedly hel...
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