On Friday, it was announced that the US is investigating Credit Suisse for assisting US residents in evading taxes with secret bank accounts. According to reports, the bank turned up in the information gleaned by the government through its voluntary disclosure program. Taxpayers who came forward and sought the generous terms of the program were required to provide detailed information on their banking contacts. It was expected that such information would lead to many more accounts and potential prosecutions of other banks similar to the UBS prosecution that garned so much attention.
Treasury officials have said that Credit Suisse assisted in tax evasion since 1953, helping two generations of US taxpayers hide their assets offshore.
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