Senate report on offshore tax evasion targets Credit Suisse, criticizes lax US enforcement

Saying that Credit Suisse harbored billions in undisclosed assets for US tax evaders, a report on offshore tax evasion released this morning by the Senate Permanent Subcommittee on Investigations (PSI) blasts the Swiss financial giant for facilitating US tax evasion and courting the business of tax dodgers.

The 181-page report, titled “Offshore Tax Evasion: the Effort to Collect Unpaid Taxes on Billions in Offshore Accounts,” coincides with a PSI hearing of the same name being held today at the US Senate offices. Top executives of Credit Suisse, including the bank’s CEO, are expected to face tough questions from Senator Carl Levin, who chairs the PSI.

The report also had harsh words for US law enforcement agencies, including the Department of Justice, calling them “lax” in their pursuit of Swiss institutions that facilitated US tax evasion and questioning why cases were pending for years with no charges.

ACFCS staff will be attending the hearing and posting updates live on Twitter, along with full coverage later.

Click here to view the full report.