Banque Pictet, Conspiring to Hide Assets, New York 2023

Banque Pictet, the Swiss private bank, has been charged with conspiring with U.S. taxpayers to hide more than $5.6 billion in secret bank accounts in Switzerland and elsewhere.

The bank, which has admitted to the charges, has agreed to pay approximately $122.9 million to the U.S. Treasury as part of a Deferred Prosecution Agreement.

The charges, filed in Manhattan federal court, allege that Banque Pictet knowingly conspired to conceal from the IRS the income generated by accounts that held more than $5.6 billion.

Banque Pictet, a privately held Swiss financial institution headquartered in Geneva, has historically operated as a general partnership and, since 2014, as a corporate partnership. The bank has approximately 3,800 employees in various locations, primarily in Switzerland, but also in Luxembourg, Hong Kong, Singapore, and the Bahamas.

As part of the agreement, Banque Pictet will continue to cooperate with the government and pay the agreed-upon fine.

The case is one of a series of cases brought by the government in connection with its investigations since 2008 into facilitation of offshore U.S. tax evasion by foreign banks.

Banque Pictet, exact criminal charges: Conspiring to hide assets and income in offshore accounts, New York, 5/30/2024 (Deferred Prosecution Agreement), fine of approximately $122.9 million.

Banque Pictet, a Swiss private bank, has been charged with conspiring with U.S. taxpayers to hide assets and income in offshore accounts.

The case is assigned to U.S. District Judge Edgardo Ramos.

Banque Pictet, a privately held Swiss financial institution, has been involved in the financial industry for over 200 years, with its history dating back to 1805.

Source: https://www.justice.gov/usao-sdny/pr/swiss-private-bank-banque-pictet-admits-conspiring-us-taxpayers-hide-assets-and-income