According to prosecutors, U.S. taxpayers with Pictet accounts in Switzerland and elsewhere evaded about $50.6 million in taxes between 2008 and 2014. As part of the agreement, Banque Pictet agreed to pay $122.9 million to the U.S. Treasury.
“This case should provide a clear message to others who try to hide their assets and income offshore,” Jim Lee, the chief of the IRS’ criminal investigation division, said in a statement.
As part of the agreement, Pictet will implement remedial measures and cooperate with the authorities’ investigation. If it complies for three years, U.S. prosecutors will move to dismiss charges of conspiring to defraud the IRS.
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