Credit Suisse agree to a potential $110 million deal to settle an Italian tax case regarding allegations of assisting clients transfer undeclared funds into offshore accounts. The agreement for the moment is not final and is subject to changes.
Swiss Bank Credit Suisse has agreed to pay around 100 million euro ($110 million) to settle an Italian lawsuit concerning allegations that it has helped some of its clients transfer funds that have been undeclared into account offshore.
The inquiry involves allegations that up to 14 billion euros ($15 billion) was transferred to offshore accounts mainly through insurance policies. The Milan prosecutor’s investigation, which began in 2014, focused on bank officials, consultants and hundreds of wealthy Italian clients, not on the bank itself.
But under Italian law a company can be held responsible if it failed to prevent, or try to prevent, a crime being committed by an employee that benefited the company. The agreement has not been finalized and until it is the criminal investigation cannot be wrapped up nor can a decision be taken on whether or not to order a trial, other sources said.
Credit Suisse declined to comment. However in March the bank said its business was “systematically focused on declared assets and we have clear internal rules and processes in place to ensure that we conduct our business in accordance with the applicable laws in Italy.”