Credit Suisse has agreed to pay
Italian tax authorities a total of 109.5 million euros to settle
a case of suspected tax fraud involving bogus insurance
policies, sources said Friday. The Swiss bank will pay 8.5
million for administrative breaches and a further 101 million
for taxes, outstanding interest and sanctions. Credit Suisse was
placed under investigation in Milan in March in a probe into
huge alleged tax fraud perpetrated via fake insurance policies.
Italian tax police had for some time been carrying out checks on
13-14,000 Italian clients who are believed to have taken some 14
billion euros abroad, police said. The transactions allegedly
took place between Liechtenstein and Bermuda, police said, to
dodge Italian tax authorities. During the period between 2008
and 2012, Germany, Brazil, and the United States began a series
of investigations into the use of Credit Suisse accounts for tax
evasion. In May 2014, the financial services company pleaded
guilty to decades of conspiring to help US citizens "hide their
wealth" in order to avoid taxes, and agreed to pay $2.6 billion
in fines.
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