Pictet Bank can put an end to the tax dispute with the USA.
The Geneva-based private bank has agreed to a final settlement with the US Department of Justice and will pay a total of US$122.9 million, including US$38.9 million in fines.
This included an investigation into the services provided by Pictet’s private banking unit to US taxable clients.
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Today’s order is one of a series of cases brought by the Department of Justice in connection with its ongoing investigation since 2008 into aiding and abetting offshore tax evasion by foreign banks in the United States.
The amount is covered by general allocations and profits from the Swiss group, Pictet continues. This agreement comes as a result of Pictet’s full cooperation with the US authorities in compliance with Swiss law.
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Keystone / Gaetan Bali
The private bank also admitted that between 2008 and 2014 it actively helped US taxpayers hide more than $5.6 billion in 1,637 secret bank accounts in Switzerland and elsewhere from US tax authorities. As a result, approximately $50.6 million in US taxes were evaded.
SRF News 4, December 4, 2023, 8:00pm; agencies/host;
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