Credit Suisse to pay $660m in US tax evasion case

A Credit Suisse unit on May 5 pleaded guilty to US charges of helping ultra-wealthy Americans evade taxes and will pay a fine of more than US$510 million (S$659.6 million), the US Department of Justice said.

- 

NEW YORK -

Credit Suisse Services AG was fined for conspiring to hide more than US$4 billion from the US Internal Revenue Service in at least 475 offshore accounts, the department said.

The guilty plea stems from the Swiss bank maintaining accounts in Singapore on behalf of US taxpayers using offshore accounts to evade US taxes and reporting requirements.