Credit Suisse to settle French Tax Probe with Prosecutors

© Stocksak. FILE PHOTO – A clock can be seen near the logo for Swiss bank Credit Suisse on the Paradeplatz square in Zurich. October 5, 2022. REUTERS/Arnd Wiegmann/File Photo

PARIS (Stocksak), Credit Suisse Group has reached an agreement with the French financial prosecution to settle a tax fraud case and money laundering case in France. A 238 million Euro ($233.81 Million) payment was made to the state, a French judge heard on Monday.

The court must still approve the settlement.

If approved, the payment will resolve the investigation of the French financial prosecution office into whether the Swiss Bank helped clients avoid paying tax on their wealth.

Prosecutors claim that the scheme was committed between 2005 and 2012. It caused fiscal damage to the French state of more than 100 million euros, according to the prosecution.

($1 = 1.0179 euros)

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