On July 21, 2011, a superseding indictment was issued in a case against Credit Suisse bankers. The case filed in the U.S. District Court Eastern District of Virginia (1:11 -CR-95) names seven additional bankers and an eighth executive in a single count of conspiracy to aid and abet tax evasion by U.S. taxpayers. New reports about charges state that while working for or with and Credit Suisse the defendants help to hide perhaps as much as $3 billion in USD assets. The indictment ratchets up the pressure on Credit Suisse, itself for contained in the indictment is language that can be viewed as forming the predicate charges to allow the U.S. government to take “special measures” against the bank.
Special measures are defined in Sec. 5318A of the Bank Secrecy Act include the issuance of a Regulation that would ban U.S. correspondent or pay through banks from processing transactions for the bank. This remedy is extreme and is designed to deal with primary money laundering concerns. The implication that “special measures” may be used is further evidence of the seriousness the Department of Justice is giving to offshore tax evasion by U.S. persons. Similar language was used in the criminal complaint against UBS AG.
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