Federal Council takes note of agreement between US Department of Justice and Credit Suisse

Bern, 20.05.2014 - The Federal Council has taken note of the agreement negotiated between the US Department of Justice and Credit Suisse on resolving issues in Credit Suisse's past. Under this agreement, Credit Suisse states that it committed the alleged violations and accepts the proposed sanctions. The Federal Council welcomes the fact that it has been possible to find a solution with this agreement which resolves the long-standing conflict between the Department of Justice and Credit Suisse.

In the guilty plea negotiated between Credit Suisse and the Department of Justice, Credit Suisse admits to having committed the violations of US tax law it is accused of and accepts the fine proposed by the US side. The agreement allows the legal disputes to be resolved without a formal indictment and is binding on both parties.

It allows Credit Suisse to put the long-standing legal dispute between both parties to rest. What is also particularly important is that there will be no licence withdrawals with this solution and the use of emergency legislation is not an issue.

Normal administrative assistance channels are available for the delivery of client names. With the entry into force of the Protocol of Amendment which was approved by Switzerland in 2012 but which is still being blocked by the US Senate, group requests will also be possible for tax evasion.

(Note to the media: a press call on the agreement between the Department of Justice and Credit Suisse will take place on 20.05.2014, at 09:30 in the Federal Palace Media Centre in Bern with Federal Councillor Eveline Widmer-Schlumpf.)

Address for enquiries

André Simonazzi, Federal Council Spokesman
Tel. +41 58 462 37 03, andre.simonazzi@bk.admin.ch


The Federal Council

Federal Department of Finance