La banque Pictet règle des poursuites américaines pour 123 millions de dollars

The Swiss bank Pictet and C^{that is to say} admitted to helping conceal over 5.6 billion US dollars in assets of American taxpayers and agreed to pay 122.9 million dollars (107.2 million Swiss francs) to settle the lawsuits. The alleged acts cover the period from 2008 to 2014 and concern 1637 different accounts, according to a statement released on Monday by the US Department of Justice.

The institution was accused of creating offshore entities for clients to hide assets from the US tax authorities. The bank was also accused of facilitating the transfer of funds from American clients to other individuals by passing them off as donations while allowing them to maintain control.

The “deferred prosecution” agreement is based on a legal framework that will allow Pictet to avoid prosecution if it complies with its commitments over a three-year period. The bank has thus agreed to implement corrective measures and provide US authorities with information as part of hidden accounts investigations.

“Eradicating financial misconduct remains a priority” for US Attorney for the Southern District of New York Damian Williams, who led the investigation. “We encourage businesses and financial institutions to report any violations to us rather than waiting for us to come to them,” continued Prosecutor Williams, quoted in the statement.

The two major Swiss banks UBS and Credit Suisse, the latter acquired by the former in March, had already agreed to cooperate with US authorities and pay substantial fines. Smaller Swiss institutions such as Julius Bär, BKB, HSZH, or HSBC Suisse have also reached agreements with the US government.