Swiss bank admits to helping US tax evasion

Swiss asset manager Pictet has admitted helping American taxpayers hide more than $5.6 billion from the IRS.

The bank has reached an agreement with the US Department of Justice to settle the matter. reports Reuters news agency.

American taxpayers with pecuniary accounts in Switzerland and elsewhere are believed to have evaded billions in taxes between 2008 and 2014 by hiding their income from the IRS. A Declaration Pictet writes on its own website that it will pay $122.9 million to the US Treasury as part of the deal.

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“This case should send a clear message to others trying to hide their assets and income overseas,” said Jim Lee, chief of the IRS’s Criminal Investigation Division.

The Swiss bank wrote that it was pleased the issue had been resolved and would “continue to take steps to ensure its customers meet their tax obligations”.

Source: ANP/Reuters