Panel faults US government over offshore tax evasion
A Senate investigation has found billions of dollars in U.S. taxes are going unpaid because Americans are exploiting Swiss bank accounts, and the U.S. government has failed to aggressively pursue Switzerland's second-largest bank.
The Senate Permanent Subcommittee on Investigations found the bank, Credit Suisse, has provided accounts in Switzerland for more than 22,000 U.S. clients totaling between $10 billion and $12 billion.
The U.S. government has received only 238 names of U.S. citizens with secret accounts at Credit Suisse, or just 1 percent of the estimated total.
Credit Suisse recruited U.S. clients to open Swiss accounts from 2001 through 2008, helped them conceal the accounts from the Internal Revenue Service and enabled misconduct by bank employees, according to the panel.
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