Swiss Bank Pictet Fined for Tax Evasion Assistance
Swiss Bank Pictet admits to helping American taxpayers hide assets and income
In a recent statement by the US Department of Justice, Swiss bank Pictet has admitted to collaborating with American taxpayers to conceal assets and income in offshore accounts.
The statement revealed that the bank worked with American taxpayers to hide over $5.6 billion in assets in 1,637 secret bank accounts in Switzerland and other locations, as well as to conceal the income from these accounts from the US Internal Revenue Service (IRS).
It was disclosed that American taxpayers who held accounts at the bank in Switzerland and elsewhere evaded approximately $50.6 million in taxes between 2008 and 2014. As part of the agreement, the bank has agreed to pay approximately $123 million to the US Treasury.
Additionally, the statement outlined that the bank will be implementing measures to prevent the use of its services for tax evasion in the future and will cooperate with authorities in any related investigations.
This admission by Pictet serves as a reminder of the importance of transparency and compliance with tax laws. It also emphasizes the need for financial institutions to uphold ethical standards and work in accordance with regulatory measures to prevent tax evasion.
