A private Swiss bank has agreed to pay a $122.9 million fine for helping a wealthy American national hide a staggering $5.6 billion in assets.
According to the Department of Justice, Pictet Bank allowed Americans to secretly hold billions of dollars in 1,637 bank accounts from 2008 to 2014.
Ministry of Justice official To tell This shady account allowed wealthy Americans to avoid paying $50.6 million in taxes.
“Today, Banque Pictet et C. warns that U.S. taxpayers use coded accounts, foreign trusts and entities, beneficiary designations, and other deceptions to hide foreign income and assets. He admitted that he actively supported the
For this criminal activity, the bank will pay nearly $122.9 million in restitution, fees and fines, and will be required to fully cooperate with the investigation into these secret accounts. ”
Part of the fine will be used to recoup taxes that the bank’s customers had avoided and to recoup any profits the bank made on their accounts.
The company is cooperating with the Department of Justice and is also expected to assist in future investigations into those who hid assets in banks.
Banque Pictet et Cie is owned by the Pictet Group, which was founded in 1805 and has assets of approximately $691 billion.
Pictet Group operates primarily in Switzerland, Luxembourg, Hong Kong, Singapore and the Bahamas and has two main business units: Institutional Wealth Management and Retail Private Banking.
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