Pictet to pay $123m for 'hiding' $5.6bn in offshore accounts

Tax evasion

Pictet is to pay $122.9m to the US Department of the Treasury after admitting helping clients hide $5.6bn of assets to evade tax.

The Swiss private bank was accused of setting up 1,637 secret bank accounts in Switzerland on behalf of US taxpayer clients, which enabled them to evade $50.6m in taxes between 2008 and 2014, the US Department of Justice said in a statement on 4 December.  Pictet Group posts 3.7% drop in profits for H1 2023 As part of the resolution, Banque Pictet entered into a deferred prosecution agreement to pay approximately $122.9m to the US Treasury. Acting deputy assistant attorney general Stuart Goldberg said: "Today, Banque Pictet et Cie admitted to actively helping US taxpayers use coded...