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Credit Suisse Taking Tax Evasion Claims Seriously

The U.S. government is cracking down on foreign banks that help Americans evade paying taxes. During the past few years, the federal government has increased its efforts to crack down on tax evaders and foreign banks that assist these individuals.

The U.S. government focused its sights on a number of Switzerland banks that for years had been rumored to be allowing wealthy Americans to store money at their facilities in order to avoid paying income taxes.

The second-largest Swiss bank, Credit Suisse Group AG, is now cooperating with U.S. officials to help resolve a criminal investigation into its alleged involvement in aiding tax evasion, Bloomberg reports

“These are issues that we take very seriously,” Brady Dougan, the company's CEO, said during an interview with the news source. “Clearly we’re going to do everything we can to try to get to a resolution of these matters as quickly and as cleanly as possible.”

Another Switzerland bank, UBS AG, paid $780 million in 2009 after admitting it assisted with tax evasion. The bank, which is the largest in the European country, also provided the Internal Revenue Service with information on more than 4,500 of its accounts, according to Bloomberg.

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