Swiss bank Credit Suisse has agreed to pay $234 million settlement with the French financial prosecution office in a tax fraud and money laundering case.
The court announced the settlement on Monday, resolving a claim against the Swiss bank in France over whether it allegedly helped clients avoid paying tax on their wealth.
According to the prosecution, the alleged scheme took place between 2005 and 2012 and spread through several countries and reportedly and cost the French state over €100 million of “fiscal damage”.
Credit Suisse said in a press statement:
The settlement provides for a public interest fine comprising a profit disgorgement of EUR 65.6 million and the payment of an additional amount of EUR 57.4 million. Further Credit Suisse will pay EUR 115 million to the French state as damages.
