Swiss Bank Banque Pictet Confesses to Assisting U.S. Taxpayers in Tax Evasion

Swiss private bank Banque Pictet has admitted to conspiring with U.S. taxpayers to hide over $5.6 billion in 1,637 secret bank accounts in Switzerland and elsewhere, as well as concealing the income generated in those accounts from the IRS. As part of a deferred prosecution agreement, Banque Pictet will pay approximately $122.9 million to the U.S. Treasury. The bank's actions were discovered as part of the Department of Justice's investigations into offshore U.S. tax evasion by foreign banks.