Credit Suisse has agreed to pay French officials roughly $235 million as a settlement for a long-lasting money laundering scandal in which the well-known lender was accused of attempting to bring wealthy clients to Switzerland.

Credit Suisse is being charged with attempting to convince wealthy French clients to set up bank accounts within Switzerland between 2005 and 2012 because this would allow the clients to avoid French tax authorities.

The investigation turned up just shy of 5,000 French clients that Credit Suisse had nearly $2 billion worth of assets. The investigation also found that rarely would Credit Suisse meet with these clients in official banks but rather in hotels and restaurants.

Prosecutors of the state announced that all of the French clients have since settled their French tax claims under amnesty deals but Credit Suisse was still able to profit $64 million from the specified French clients.

Source: Financial Times

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