Shocking new allegations from the US Senate implicate banking giant Credit Suisse in a scheme that helped hide billions of dollars. According to the Senate report, Credit Suisse managed about 22,000 accounts for U.S. customers. It's estimated that a special banking unit helped hide up to 10 billion dollars or more, twice the amount previously thought in a recent history of corruption. The report was compiled by the Senate Permanent Subcommittee on Investigations that detailed the secretive bank plot. The US Senate criticized the Zurich-based bank and several other banks for not punishing executives that supervised and abetted in the massive tax evasion for US clients. In some cases, clients strapped tens of thousands of dollars in cash to their bodies to avoid air transit screeners and scanners. US lawmakers are now urging the Justice Department to use all its resources to investigate criminal activity and expose the perpetrators who were part of the widespread scheme. The result could reveal billions of dollars in hidden taxes. The Senate report also says the firm falsified reports to investors about the banking unit's growth. Experts say that's why US banking policy directed by Fed chair Janet Yellen is flawed. The report criticizes US attorneys for not filing more civil summonses in US courts. Lawmakers say attorneys should have used their legal power to discover names of unidentified clients. Credit Suisse is only but the latest revelation of banking improprieties involving US customers. US authorities say that at least 14 banks are under investigation for helping clients hide their earnings from the US government.

• published: 27 Feb 2014
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