Swiss banking giant Credit Suisse on Monday said it had agreed to pay France €238m to settle a tax fraud and money laundering case.
The agreement follows a probe into allegations Credit Suisse helped clients to avoid paying tax on their wealth, with French prosecutors said caused “fiscal damage” of more than €100m to the French state.
“The settlement does not comprise a recognition of criminal liability. The bank is pleased to resolve this matter, which marks another important step in the proactive resolution of litigation and legacy issues,” the bank said.
Reporting by Frank Prenesti for Sharecast.com
