Swiss Bank Banque Pictet Admits Hiding Billions from IRS

The entity reached a $122.9 million agreement with the U.S. Treasury Department.

The U.S. Department of the Treasury has come to a $122.9 million agreement with the private Switzerland-based Banque Pictet after the bank admitted to hiding more than $5.6 billion from the Internal Revenue Service (IRS). According to the Department of Justice prosecutors, U.S. taxpayers with Banque Pictet accounts evaded $50.6 million in taxes between 2008 and 2014.

Banque Pictet agreed to pay a fine to the IRS for its complicity in these actions and also agreed to implement remedial measures to prevent similar instances of tax fraud from occurring. Federal prosecutors will continue to investigate Banque Pictet and, if the Swiss bank complies with the investigations for three years, the IRS agreed to dismiss the charges of fraud against them.

“This case should provide a clear message to others who try to hide their assets and income offshore. Our special agents are experts in following the money, and they are the best at uncovering schemes that try to defraud the U.S. tax system,” IRS Criminal Investigation Chief Jim Lee stated.

As the Lord Leads, Pray with Us…

  • For Commissioner Werfel to be directed by God as he heads the Internal Revenue Service.
  • For Chief Lee as he oversees the IRS Office of Criminal Investigation.
  • For wisdom for members of the Departments of Treasury and Justice as they collaborate on prosecuting tax fraud.

Sources: Reuters, Market Watch, UPI

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