Credit Suisse has pleaded guilty to helping wealthy Americans avoid paying taxes through secret offshore accounts.
The Swiss banker has agreed to pay 2.6-billion US dollars in penalties, the largest-ever penalties imposed by the US Justice Department in a criminal tax case.
US Attorney General Eric Holder.
"This case shows that no financial institution, no matter its size or global reach is above the law. When the Department of Justice conducts investigations we will always follow the law and the facts wherever they may lead us. We will never hesitate to criminally sanction any company or individual that breaks the law."
The Swiss bank recruited US clients to open Swiss accounts, helped them conceal the accounts from the Internal Revenue Service and enabled misconduct by bank employees.
The case is part of an Obama administration's crackdown on foreign banks believed to be helping US taxpayers hide their assets overseas.
The US government recently signed an agreement with authorities in Singapore to track down US tax cheats.
