Credit Suisse Services AG has pleaded guilty to conspiring to help U.S. taxpayers conceal more than $4 billion from the Internal Revenue Service through at least 475 offshore accounts.
The plea marks the culmination of an extensive investigation by U.S. authorities into sophisticated tax fraud and financial misconduct.
In addition to the guilty plea, the Swiss firm entered into a non-prosecution agreement (NPA) with the U.S. Department of Justice’s Tax Division and the U.S. Attorney’s Office for the Eastern District of Virginia.
The agreement resolves allegations related to U.S. accounts held at Credit Suisse AG Singapore.
As part of the deal, the bank agreed to assist with ongoing investigations and pay significant monetary penalties for facilitating tax evasion through undeclared offshore accounts in Singapore.
According to court filings, between January 2010 and July 2021, Credit Suisse AG collaborated with employees, U.S. clients, and others to conceal ownership and control of assets and income held in offshore accounts.
The bank allegedly falsified records, processed fake donation paperwork, and oversaw more than $1 billion in accounts without verifying tax compliance.
These actions allowed clients to evade taxes and breached a 2014 plea agreement Credit Suisse had previously reached with U.S. authorities.
From 2014 to June 2023, Credit Suisse AG Singapore held undeclared accounts for U.S. persons valued at more than $2 billion.
The bank failed to identify the true owners of these accounts and disregarded clear indicators of U.S. ownership.
Following the 2023 merger between UBS AG Singapore and Credit Suisse AG Singapore, UBS identified several undeclared U.S. accounts.
The bank froze some of the accounts and voluntarily disclosed the findings to U.S. authorities, fully cooperating with the investigation.
In January 2025, UBS was reported to be nearing a substantial settlement with the U.S. Department of Justice regarding Credit Suisse’s tax evasion violations, setting aside roughly $4 billion for legal liabilities inherited from the acquisition.
Separately, in March 2025, the UK’s Financial Conduct Authority banned two former Credit Suisse executives from the financial services industry.
The bans followed their U.S. convictions for accepting bribes tied to the Mozambique “tuna bond” scandal.
On May 5, 2025, just before this plea agreement was finalized - UBS officially agreed to pay $511 million to settle the U.S. tax investigation into Credit Suisse’s practices.
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