Swiss Bank Pictet Settles US Tax Evasion Case for $123 Million

Banque Pictet & Cie, a Swiss bank, has agreed to pay $122.9 million in back taxes and penalties after admitting to helping U.S. citizens hide $5.6 billion in assets from the IRS between 2008 and 2014. The bank used various methods, including coded accounts and foreign trusts, to help clients conceal their income and assets abroad. The payment covers taxes owed by the bank's clients, fees earned by the bank, and penalties. Banque Pictet has entered into a deferred prosecution agreement and will cooperate with government investigations into the individuals involved.