October 21, 2016
Credit Suisse has agreed to pay 109.5 million euros ($119 million) in taxes and penalties to settle allegations by Italian authorities that it helped clients transfer undeclared funds offshore, the Swiss bank said on Friday. Milan prosecutors had been investigating since 2014 an alleged fraudulent system which was used to transfer up to 14 billion euros ($15.2 billion) to offshore accounts, mainly through the use of insurance policies. Some 13,000 clients are allegedly involved.
Credit Suisse AG was placed under investigation for alleged money laundering carried out by its executives, who have not been identified. In a statement on Friday, the Zurich-based bank said it had agreed to pay Italian authorities 101 million euros ($110 million) in taxes, late payment interest and penalties to settle its tax position.