Credit Suisse and Italian authorities agree to settle after offshore transfer investigation
Credit Suisse has paid €110m (£98m) to settle allegations by Italian prosecutors that it helped clients divert undisclosed funds to offshore bank accounts.
Italian authorities believed that the Swiss bank had helped some 13,000 clients transfer up to €14bn abroad using certain insurance products.
An investigation has been running since 2014 and under Italian law today's settlement does not constitute an admission of guilt by Credit Suisse.
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A number of unnamed Credit Suisse executives were under investigation by the prosecutors in Italy for alleged money laundering activities.
Credit Suisse released a statement today detailing that it had agreed to pay €101m to settle taxes, late payment interest and penalties to settle its tax position, with a further €8.5m payable for "administrative infringements in its previous cross-border business."
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The case does not involve the Italian arm of the Zurich-based bank and in order to be finalised the settlement must be approved in an Italian judge.