Swiss bank to pay $122.9M to end US tax case

By Diyar Guldogan

WASHINGTON (AA) - Swiss private bank Banque Pictet will pay $122.9 million to the US Treasury after having admitted to helping American taxpayers hide more than $5.6 billion from the Internal Revenue Service (IRS).

"Swiss private bank Banque Pictet et Cie SA admitted today to conspiring with U.S. taxpayers and others to hide more than $5.6 billion in 1,637 secret bank accounts in Switzerland and elsewhere and to conceal the income generated in those accounts from the IRS.

"As part of today’s resolution, Banque Pictet entered into a deferred prosecution agreement and agreed to pay approximately $122.9 million to the US," the US Department of Justice said in a statement.

According to the statement, US taxpayers with Banque Pictet accounts in Switzerland and elsewhere evaded about $50.6 million in taxes between 2008 and 2014.

"This case should provide a clear message to others who try to hide their assets and income offshore," IRS Criminal Investigation Chief Jim Lee was quoted as saying in the statement.