Levin statement on Credit Suisse pleading guilty to aiding U.S. tax evasion

Monday, May 19, 2014

WASHINGTON – Sen. Carl Levin, D-Mich., chairman of the Senate Permanent Subcommittee on Investigations, issued the following statement today after Swiss bank Credit Suisse pleaded guilty to aiding tax evasion by U.S. taxpayers:

“It is appropriate that U.S. law enforcement has imposed a $2.6 billion penalty and held Credit Suisse criminally liable for aiding and abetting tax evasion. This guilty plea strikes an important blow against tax evasion through bank secrecy. But it is a mystery to me why the U.S. government didn’t require as part of the agreement that the bank cough up some of the names of the U.S. clients with secret Swiss bank accounts. More than 20,000 Americans were Credit Suisse accountholders in Switzerland, the vast majority of whom never disclosed their accounts as required by U.S. law. This leaves their identities undisclosed, with no accountability for taxes owed. The changes Credit Suisse has agreed to make to its practices are long overdue and welcome, but must be carefully monitored.”