Credit Suisse Pressed by Senator on $200 Million Tax Fraud
This content was published on April 27, 2021 - 15:43
April 27, 2021 - 15:43
(Bloomberg) Credit Suisse Group AG, already under pressure for losing $5.5 billion in the collapse of Archegos Capital Management, must now answer questions from a powerful U.S. senator about a seven-year-old tax evasion scandal.
Senate Finance Committee Chairman Ron Wyden wrote Tuesday to Credit Suisse and the Justice Department, asking their leaders to explain how the lender’s banking unit could have pleaded guilty in May 2014 to enabling U.S. tax evasion but failed to disclose more than $200 million in accounts held by an American.
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Highlights
Expatriation has increased significantly in 2020. The latest
U.S. Department of the Treasury Report reflects that a record 6,047
individuals expatriated during the first three quarters of 2020. In
addition, 834,000 green card holders became U.S.
citizens in FY 2019, which reflects an 11-year high.
Why are so many individuals expatriating? Perhaps it is because
we live in chaotic times, ranging from the pandemic to the
contentious presidential election and transition, among other
reasons. Further, U.S. taxpayers increasingly are considering
moving a portion of their financial portfolios offshore for
diversification and to facilitate global trading.
The increase in expatriation also has caught the attention of