MILAN (Reuters) - Credit Suisse CNGN.S has agreed in principle to pay about 100 million euros ($110 million) 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.”
Reporting by Emilio Parodi, writing by Stephen Jewkes; Editing by Paola Arosio/Ruth Pitchford