Credit Suisse: most of its victims haven’t seen any justice at all

There’s been a lot of debate about the $2.6 billion (possibly tax-deductible, despite claims to the contrary) fine that Credit Suisse has paid for its systematic policies of attacking the U.S. tax system and fostering and, by implication, encouraging, criminal behaviour by thousands of U.S. citizens.

We and many others have decried the resolution as deeply inadequate, given the scale of what Credit Suisse had been involved in. Denial of its U.S. banking licence – with all the implications that might have on its correspondent banking operations and so on – would have been apt, as would have happened if some of its executives had gone to jail.

But Koen Roovers of the Financial Transparency Coalition (FTC) reminds us, via email:

“Is it so hard to imagine that the bank was involved in this practice in other foreign markets?

The official website of the Credit Suisse makes mention of 55 other countries of operation, besides the US and Switzerland (among them a number of South-American, Asian and African nations). . . The US might have the capacity and power to bring a powerful bank like Credit Suisse to “justice”, other countries might not be in that position.”

Quite so. TJN officials and advisers at the front line of all this know very well of the crimes and misdemeanours facilitated and encouraged by the likes of Credit Suisse.

With this high-profile settlement, it’s pretty clear that most of Credit Suisse’s victims — whether in Germany, Georgia or  Ghana — haven’t seen any justice at all. Coalitions such as the FTC (of which TJN is a member) will be seeking ways to help unite the citizens of many countries, rich and poor, in a common course against the private banking scourge.

Related Posts

New estimates reveal the extent of tax avoidance by multinationals

Price Waterhouse CoopersNew figures published today by the Tax Justice Network provide a country-level breakdown of the estimated tax losses to profit shifting by multinational companies. Applying a methodology developed by researchers at the International Monetary Fund to an improved dataset, the results indicate global losses of around $500 billion a year. The figures appear in a […]


Banking Secrecy in China, its related territories and Taiwan

Hong Kong from Sky 100Foreword. The Tax Justice Network is a non partisan network of experts working towards transparency, so we do not take any position about countries’ territorial and political claims. However, we do expect countries with a de jure (legal) or de facto (in practice) influence over other territories, to take responsibility for their power. We point […]


Is tax avoidance at the heart of Ireland’s economic miracle?

AIB International Finance Centre Dublin - By Estoy Aquí (Own work) [GFDL ( or CC BY 3.0 (], via Wikimedia CommonsComing out of the economic crisis Ireland was one of the best performing economies, with GDP growth rates of 8.5% in 2014 and an extraordinary 26.3% in 2015. But how much of this economic activity was real, and how much a fiction created by Ireland’s tax haven status? A new paper by Heike Joebges of the University […]


New Report: HMRC’s “Building our Future” programme

bigben-mcbigbenfaceYesterday the Tax Justice Network was in the UK Parliament to launch a report it co-produced with the Public and Commercial Services Union. The report, entitled “HMRC, Building an Uncertain Future” is a study of HMRC’s (the UK tax authority) reform plans which it is calling “Building our Future”. The report published yesterday analysed the […]


Financial secrecy in football: time for action

bigben-mcbigbenfaceEveryone has known for years that football is rotten to the core and financial secrecy is at the heart of the problem. Why then is no one doing anything about it? This post from the Offshore Game project originally features in the Independent. 


Leave a Reply

Your email address will not be published. Required fields are marked *

Back to Top