In a statement from the US Department of Justice, it was noted that the Swiss bank Pictet admitted to cooperating with American taxpayers to hide assets and income in offshore accounts.
The statement said the bank colluded with American taxpayers to hide over $5.6 billion in assets in 1637 secret bank accounts in Switzerland and elsewhere, and to conceal the income from these accounts from the US Internal Revenue Service (IRS).
American taxpayers with accounts in Switzerland and elsewhere evaded approximately $50.6 million in taxes between 2008 and 2014, the statement said, adding that the bank agreed to pay approximately $123 million to the US Treasury as part of the agreement.
The statement added that the bank will implement measures to protect against the future use of its services for tax evasion and cooperate with the authorities in the investigation.
