Lates News

UBS Group has agreed to pay $5.1 billion to settle a US investigation into its acquisition of Swiss Credit Suisse that helped wealthy Americans evade taxes. The UBS Group said in a statement on Monday that a unit of Credit Suisse Group admitted to conspiring to help its clients submit false US tax returns and agreed to pay $3.72 billion. As part of the related settlement agreement, the unit will also pay an additional $1.39 billion in fines. This marks the end of Credit Suisse's decades-long misconduct in using Swiss bank secrecy laws to help Americans hide funds from the US Internal Revenue Service. However, the bank failed to fully comply with the 2014 agreement to disclose and discover US accounts, and several criminal cases have shown that its clients continue to deceive the IRS. UBS stated that it was not involved in the misconduct and has zero tolerance for tax evasion.