Credit Suisse has entered a guilty plea to tax evasion, the first time for a major bank in 20 years for assisting clients evade United States taxes. The $2.81 billion fine is the largest penalty slapped in any tax case in history.

The United States Deputy Attorney General has investigated Credit Suisse’s use of illegal offshore bank accounts to purposely avoid taxes and for assisting US citizens file fraudulent income tax returns.

The United States has been hit with heavy criticism for being unable to persecute major banks that eventually caused the 2008 financial crash. This case is the first of its kind and is a clear depiction that no financial institution is above the law.

Read more about this on the Australian website.

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