A new Senate Finance Committee report from the Democratic staff alleges that Credit Suisse CS violated key terms of a plea agreement with the Justice Department. The report alleges Credit Suisse transferred nearly $100 million of funds from a family of dual U.S.-Latin American citizens to other banks in Switzerland without notifying the DOJ, enabling what “appears to be potentially criminal tax evasion” for almost a decade, the report says. Several additional Swiss banks may be currently holding large secret offshore accounts for U.S. persons, the report says. Credit Suisse has agreed to be purchased by UBS UBS with the help of the Swiss government.
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