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Senate panel details alleged Credit Suisse tax evasion efforts

Feb. 26, 2014 at 12:06 PM   |   Comments

WASHINGTON, Feb. 26 (UPI) -- A U.S. Senate panel said Swiss bank Credit Suisse Group went to great lengths to woo wealthy U.S. clients with promises to help them avoid federal taxes.

The Senate Permanent Subcommittee on Investigations report said the bank set up an office in the Zurich airport to coral U.S. travelers. Social events and golf tournaments were also used to attract wealthy U.S. customers, the panel said in a 181-page report, the Wall Street Journal reported Wednesday.

The tactics helped the bank build up a portfolio of 22,000 U.S. clients with deposits of about $13.5 billion.

The bank had 1,800 employees focused on their U.S. customers to whom they promised discretion regarding their accounts. The bank managers encouraged U.S. clients to fly to Switzerland to avoid leaving a paper trail that could be traced, the Senate report said.

The Journal reported recently that the bank is in discussions with U.S. authorities and could reach a settlement in the range of $800 million in the near future.

The bank would not comment on the Senate report, the Journal said.

© 2014 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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