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Credit Suisse to pay £1.5bn in tax evasion fines

Credit Suisse is set to pay $2.6bn (£1.5bn) in fines after admitting to tax evasion.

The bank agreed to pay the fines after pleading guilty to one count of conspiracy to commit tax evasion. 

Lawyers for Credit Suisse entered the guilty plea earlier this week following a long-running investigation into the bank’s private banking arm, which aided US citizens in hiding assets offshore.

The fine breaks down as $1.8bn to be paid to the US Department of Justice, $715m to the Department of Fin-ancial Services for New York state and $100m to the Federal Reserve. 

In a statement, Credit Suisse says it does not expect this admission of guilt or the fines to affect any of its licences or operational and business capacities.

Credit Suisse chief executive Brady Dougan says: “We deeply regret the past misconduct that led to this settlement. The US cross-border matter represented the most significant and long-standing regulatory and litigation issue for Credit Suisse. Having this matter fully resolved is an important step forward for us.”

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