Swiss private bank Pictet has admitted helping clients in the US to evade taxes. More than 5.6 billion dollars (about 5.2 billion euros) have been hidden from the federal tax authorities, the IRS.
According to the news agency, there is a Swiss bank Reuters A settlement was reached with the US Department of Justice to end 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 mainly provides asset management for private clients and companies. The bank says it will now ensure customers comply with tax obligations.
“This case should send a clear message to others trying to hide their assets and income overseas,” said Jim Lee of the IRS’s Criminal Investigation Division.
Between 2008 and 2014, the U.S. Treasury reportedly lost billions in taxes because individuals and companies with pecuniary accounts hid their income from the IRS.
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