A settlement agreement between the French Financial Public Prosecutor and Credit Suisse was announced in the Paris Court of Appeal 24 October 2022.
The “CJIP” agreement brings an end to investigations in France over whether the Swiss bank facilitated and aided clients in tax avoidance.
(English translation of the press release from the French Public Prosecutor)
On 24 October 2022, the President of the Paris Judicial Court validated the judicial public interest agreement (CJIP) concluded on 21 October 2022 between the Financial Public Prosecutor (PRF) and CREDIT SUISSE AG pursuant to Article 41-1-2 of the Criminal Procedure Code.
Under the terms of the CJIP, CREDIT SUISSE AG undertakes to pay the Treasury a public interest fine totaling EUR 123,000,000.
In addition, CREDIT SUISSE AG undertakes to pay to the Treasury the sum of €115,000,000 in damages owed to the State.
As a result, the public interest fine and the damages amount to the total sum of €238,000,000.
Subject to the payment of the public interest fine, the validation of the CJIP leads to the extinction of the public prosecution against the signatory company.
This agreement follows a preliminary investigation initiated by the national financial prosecutor’s office on 26 April 2016.
The investigation was opened on the grounds of aggravated tax fraud laundering and illegal canvassing and was entrusted to the judicial investigation service of the finance ministry (SEJF).
This is the 13th CJIP signed by the national financial prosecutor’s office.