As we’ve previously written, Credit Suisse had been under investigation by the U.S. Department of Justice (DOJ) for the past few years for facilitating tax fraud by U.S. clients with “secret” Credit Suisse accounts in Switzerland. On May 19, 2014, Credit Suisse pleaded guilty to the charges and agreed to pay a fine of $2.5 Billion to Federal and New York authorities. Credit Suisse was allowed to stay in business, which had been an open issue, since a bank which pleaded guilty to a federal crime could have its banking license cancelled. It is very likely that DOJ and the IRS will now proceed against American taxpayers with undisclosed Credit Suisse accounts.
Asher Rubinstein was quoted in Bloomberg Businessweek on the end of Swiss banking secrecy. Please see: http://www.businessweek.com/articles/2014-05-20/the-end-of-the-swiss-bank-account-as-we-know-it