Swiss private bank Banque Pictet has admitted to conspiring with US taxpayers and others to hide more than $5.6 billion from the Internal Revenue Service (IRS).
The money was hidden in 1,637 secret bank accounts in Switzerland and elsewhere to conceal the income generated in those accounts from the IRS, according to the US Department of Justice (DOJ).
Banque Pictet entered into a deferred prosecution agreement and conceded to pay approximately $122.9 million to the US Treasury.
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