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Credit Suisse subject to U.S. inquiry

  |   July 15, 2011 at 9:28 AM
WASHINGTON, July 15 (UPI) -- Credit Suisse Group said it was the target of a U.S. investigation of foreign banks holding hidden offshore accounts for wealthy Americans.

The Zurich, Switzerland, bank is the latest to be investigated in a U.S. crackdown on foreign banks suspected of helping U.S. account-holders with tax evasion and fraud.

Credit Suisse said U.S. Justice Department officials told the bank it was a target of an investigation, The Wall Street Journal reported. Credit Suisse had received and cooperated with subpoenas issued by the United States, and said it would work to resolve the matter.

In 2008, U.S. officials began pursuing UBS AG for helping wealthy Americans avoid U.S. taxes, ultimately getting an admission of wrongdoing, $780 million in fines and the receipt of confidential data on clients. The problem remains for many foreign banks because they hold undeclared funds from wealthy U.S. clients, the Journal said.

The probe has been fueled by thousands of Americans, induced by milder terms in amnesties, owned up to the Internal Revenue Service after U.S. officials began cracking down on UBS.

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