January 18, 2024 (NO COMMENTS)

In December 2023’s largest loss, Banque Pictet et Cie agreed to pay $123 million after admitting it had helped US-based customers evade tax. The amount would have been higher if the Department of Justice (DoJ) had not agreed to a 45% co-operation discount. The Swiss bank also entered into a deferred prosecution agreement.

Between January 2008 and December 2014, Pictet worked with clients to hide around $5.6 billion in assets from the Internal Revenue Service. It concealed the existence of