United States v. Banque Pictet et Cie SA

On December 4, 2023, the Tax Division and USAO-SDNY entered into a three-year deferred prosecution agreement (DPA) with Swiss private bank Banque Pictet & Cie SA (“Pictet”), headquartered in Geneva. Pictet was charged by Information with a single count of conspiracy to defraud the United States, in violation of 18 U.S.C. § 371, for conspiring with U.S. taxpayers and others to hide more than $5.6 billion in 1,637 secret bank accounts in Switzerland and elsewhere and to conceal the income generated in those accounts from the IRS. If Pictet is in compliance with all of its obligations under the DPA, at the expiration of the three-year deferral period, the Department will seek dismissal with prejudice of the Information filed against the bank.

Monetary Amounts and Key Terms:

• Pay a total of $122,959,391, consisting of:
  • Restitution: $31,844,192
  • Forfeiture: $52,164,201
  • Criminal penalty: $38,950,998
• Cooperate fully with the Department of Justice and the Internal Revenue Service
  • Truthfully and completely disclose all information relevant to the Department’s investigation
  • Provide all items, assistance, information, and documents required to be produced under the Department’s Swiss Bank Program
  • Provide transaction information for relevant accounts, including accounts closed between 2008 and 2022
  • Make reasonable efforts to close any remaining recalcitrant accounts
• Comply with all applicable federal criminal laws