Credit Cruise agrees to settle Italian tax case for $110 million

As per a source with direct knowledge of the matter at hand,  Credit Suisse CNGN has agreed, in principle, to pay about $110 million (100 million euros) in order to settle its tax investigation in Italy.

According to investigators, Credit Suisse had allegedly helped its clients to transfer undeclared funds to offshore accounts.

Other sources have chipped in saying, Credit Suisse has yet to finalise on the deal with Italian investigators since the criminal investigation cannot be wrapped up nor can a decision be taken on whether or not to go for a trial.

Credit Suisse declined to comment.

Allegations of helping clients to transfer $15 billion (14 billion euros) to offshore accounts routed via insurance policies are hounding Credit Suisse.

When the investigation began in 2014, prosecutors from Milan initially focussed on wealthy Italian clients, banks officials and consultants, but not the bank itself.

However, a newly passed Italian law has established that 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.

Earlier this year in March, Credit Suisse had stated, 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.”


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