Swiss bank admits to aiding US tax evasion | Economy
Swiss private bank Pictet admits it helped US clients evade taxes. More than $5.6 billion (about 5.2 billion euros) remained hidden from the federal tax authorities (IRS).
The Swiss bank, according to the news agency Reuters I reached an agreement with the US Department of Justice to close the case. As part of this, Pictet will pay $122.9 million to the ministry, the private bank wrote in a statement on its website.
Pictet primarily manages assets for private clients and institutions. The bank says that it will henceforth ensure that customers comply with tax obligations.
“This case should send a clear message to others who are trying to hide their assets and income abroad,” said Jim Lee of the IRS Criminal Investigation Division.
The US Treasury is said to have lost billions in taxes between 2008 and 2014 because people and organizations with Pictet accounts hid their income from the IRS.
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