Thousands of Credit Suisse’s U.S. clients still don’t know whether tax authorities will learn their identities as prosecutors work to conclude a three-year probe of how the bank helped them evade taxes.
Bloomberg reports that U.S. senators last week faulted the Justice Department for securing names for only 238 of 22,000 Americans with Credit Suisse accounts, saying the bank helped them hide as much as $10bn from the Internal Revenue Service.
The pressure of a subcommittee report and hearings will force prosecutors to act more aggressively as they negotiate a settlement with Credit Suisse to end the probe and get more names, said Jeffrey Neiman, a former federal prosecutor.
'These hearings are going to give some sort of momentum to the Justice Department', said Neiman, now at Marcus Neiman Rashbaum LLP in Fort Lauderdale, Florida. 'Criminal cases are all about momentum, where one event leads to another, which leads to culmination'.
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