What is the Pictet bank scandal?
Banque Pictet & Cie SA, a prominent Swiss private bank, faced major international legal scrutiny and regulatory enforcement actions resulting in a deferred prosecution agreement with United States authorities. The bank admitted to criminal conspiracy to defraud the United States by helping U.S. taxpayers hide more than $5.6 billion across secret offshore accounts to evade federal taxes, resulting in financial penalties, restitution, and forfeiture exceeding $122 million. Additionally, Swiss prosecutors penalized the bank for organizational shortcomings relating to aggravated money laundering tied to international corruption investigations.
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