Credit Suisse has increased the funds it has set aside to settle a U.S. tax dispute and avoid prosecution for helping wealthy Americans to hide their money from the taxman. Switzerland's second-biggest bank set aside an extra 425 million Swiss francs ($480 million), taking its total provision for tax and securities law matters in the United States to 895 million francs, it said in its annual report on Thursday. Switzerland's private banking model has been rattled to its core by the U.S. crackdown on tax evasion. Credit Suisse rival UBS admitted to helping U.S. taxpayers evade taxes and paid a $780 million fine in 2009.
via Business News - Yahoo Finance http://ift.tt/1k22haT
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