MILAN Oct 18 Credit Suisse has agreed
in principle to pay about 100 million euros to settle its tax
position in Italy in a case involving allegations it helped
clients transfer undeclared funds offshore, a source with direct
knowledge of the matter said on Tuesday.
The agreement has not been finalised and until it is, and
the money paid, the criminal investigation cannot be wrapped up
nor can a decision be taken on whether or not to order a trial,
other sources said.
Credit Suisse declined to comment.
The inquiry involves allegations that up to 14 billion euros
($15 billion) was transferred to offshore accounts mainly
through insurance policies.
The Milan prosecutor's investigation, which began in 2014,
focused on bank officials, consultants and hundreds of wealthy
Italian clients, not on the bank itself.
But under Italian law a company can be held responsible if
it failed to prevent, or try to prevent, a crime being committed
by an employee that benefited the company.
In March the bank said its business was "systematically
focused on declared assets and we have clear internal rules and
processes in place to ensure that we conduct our business in
accordance with the applicable laws in Italy."
($1 = 0.9104 euros)
(Reporting by Emilio Parodi, writing by Stephen Jewkes; Editing
by Paola Arosio/Ruth Pitchford)