A Swiss private bank, Banque Pictet, has admitted to assisting clients in hiding approximately $5.6 billion from the U.S. Internal Revenue Service (IRS) between 2008 and 2014.
The bank managed 1,637 accounts for American customers, allowing them to evade around $50.6 million in U.S. taxes.
As a result of this confession, Banque Pictet will pay almost $123 million in restitution, disgorgement
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