Credit Suisse Services AG has pleaded guilty and had admitted conspiring to hide more than $4bn (£3bn) from the US Internal Revenue Service (IRS) in at least 475 offshore accounts, held by US individuals for the purpose of evading US taxes and reporting requirements.

The guilty plea by the Swiss bank, now owned by UBS, is the result of a years-long investigation by US law enforcement into Credit Suisse to uncover financial fraud and abuse.

The tax fraud occurred for over a decade from 1 January 2010 until July 2021, while a separate incident involving bank accounts in Singapore only stopped in June 2023.