Pictet Bank agreed to a settlement with the Department of Justice. This was an investigation into services Pictet’s private banking unit provided to US taxable clients from 2008 to 2014, according to a statement on Monday evening. As part of the three-year deferred prosecution agreement, Pictet will now pay a total of $122.9 million (about 106.8 million Swiss francs), including $38.9 million in fines.
Pictet wrote that the amount was covered by general allocations and profits from the group’s Swiss bank. This agreement comes as a result of Pictet’s full cooperation with the US authorities in compliance with Swiss law. The Department of Justice also highlighted this matter positively in the settlement agreement.
Admit misconduct
The private bank also admitted that between 2008 and 2014 it actively helped U.S. taxpayers hide more than $5.6 billion in 1,637 secret bank accounts in Switzerland and elsewhere from U.S. tax authorities, according to a Justice Department notice. As a result, approximately $50.6 million in US taxes were evaded.
For this purpose, the bank will pay approximately $123 million in compensation, withholding fees and a fine. It also pledges to cooperate fully with investigations related to these secret accounts.
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.
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