2023-12-12 04:45:06
Published on December 12, 2023 at 05:45. / Modified on December 12, 2023 at 06:12.
The 123 million dollars paid by Pictet to the American authorities last week caused a lot of talk in the financial sector. Like around a hundred of its Swiss counterparts, the Geneva bank was in the sights of the United States for having helped American taxpayers to evade taxes between 2008 and 2014. Closed microphones, the reactions that we collected from other bankers have oscillated between frustration and admiration. Between “I’m disgusted!” and “They are strong, at Pictet”. The common point between these two opinions: the feeling that the private bank has obtained a relatively lenient sanction from the American justice system. Figures for American fines that have hit Swiss banks for tax issues since 2009 show that Pictet appears to have fared well, compared to some of its competitors. Even if the expression may seem incongruous following a payment of 123 million.
In contact with the Department of Justice (DoJ) for more than eleven years in this case, the banking group appeared in category 1 of the American program for the regularization of Swiss banks, launched in the summer of 2013. The establishments placed in this box were the subject of an investigation by the American authorities for having helped tax evaders. This prevented them from participating in category 2, which allowed banks to register with the DoJ and enter into a non-prosecution agreement – for a fee of course.
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#American #fine #Pictet
