The U.S. government will ask Credit Suisse to turn over information on more than 1,000 accountholders as part of an ongoing criminal tax probe, according to an individual familiar with the matter.

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The U.S. government will ask Credit Suisse to turn over information on more than 1,000 account holders as part of an ongoing criminal tax probe, according to an individual familiar with the matter.

The Swiss bank said earlier this month that it had received a letter from the U.S. Justice Department informing it of an investigation related to its American clients. Since February, the department has indicted seven of the financial institution’s officials on charges of facilitating tax evasion by more than 50 U.S. taxpayers.

The suspected infractions by Credit Suisse are “exactly like” those committed by UBS AG, said the person, who asked not to be named. In 2009, U.S. officials accused UBS of helping at least 17,000 U.S. accountholders hide $20 billion in taxable assets from the Internal Revenue Service, allegations that led to the bank paying $780 million in fines and turning over data on 4,450 of its clients.

In its case against Credit Suisse, the Justice Department is similarly expecting to obtain information on “thousands” of the bank’s wealthy U.S. customers, said the person, who has direct knowledge of the case.

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Sanford Millar
Law Offices of Sanford I. Millar

Experience and Qualifications: Over 30 years of experience in domestic and international tax... View Profile »


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