{"id":2115526,"date":"2023-12-04T16:35:01","date_gmt":"2023-12-04T21:35:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/swiss-bank-to-pay-122-9m-after-helping-american-clients-hide-billions-in-assets\/"},"modified":"2023-12-04T16:37:59","modified_gmt":"2023-12-04T21:37:59","slug":"swiss-bank-to-pay-122-9m-after-helping-american-clients-hide-billions-in-assets","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/swiss-bank-to-pay-122-9m-after-helping-american-clients-hide-billions-in-assets\/","title":{"rendered":"Swiss bank fined $122.9M for aiding US clients in concealing billions"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fswiss-bank-to-pay-122-9m-after-helping-american-clients-hide-billions-in-assets%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2115526&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p><!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\"><br \/>\n<?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><html><body><\/p>\n<div class=\"entry-content\">\n<figure class=\"wp-block-image size-large\"><figcaption class=\"wp-element-caption\">(Photo \u2063by SAUL LOEB\/AFP via Getty Images)<\/figcaption><\/figure>\n<p>OAN\u2019s <a href=\"https:\/\/www.oann.com\/tag\/james-meyers\">James Meyers<\/a><br \/>1:28 PM\u200d \u2013 Monday, December\u200c 4,\u200b 2023<\/p>\n<p>A private Swiss bank has been ordered\u200d to pay $122.9 million \u2064in back\u2063 taxes and penalties after admitting to helping their \u2062clients hide assets from the \u200dInternal Revenue Service (IRS) between 2008 and 2014. <\/p>\n<div id=\"div-gpt-ad-1663871513696-art-3\" style=\"min-width: 320px; min-height: 50px; text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-3'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>On Monday, federal prosecutors said Swiss private bank Pictet has entered into a deferred prosecution agreement with the Justice Department. <\/p>\n<p>According to prosecutors, U.S. taxpayers with the Pictet accounts in Switzerland and elsewhere evaded almost $50 million in taxes between 2008 and\u2062 2014. <\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cThis case should provide a \u2063clear message to others who try to hide their assets and income offshore,\u201d Jim Lee, the chief of the IRS\u2019 criminal investigation division, said in a statement.<\/p>\n<\/blockquote>\n<p>Additionally, Pictet has been ordered to implement \u2062remedial measures\u200d and cooperate \u2062with the investigation. If Pictet complies with the investigation for three years, U.S. prosecutors will remove charges of conspiring to defraud \u200bthe IRS.<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cPictet is pleased \u2063to have resolved this\u200c matter and\u200b will continue to take steps \u200bto ensure its clients meet their tax obligations,\u201d the bank said in a statement.<\/p>\n<\/blockquote>\n<p>The charges against Pictet come after Credit \u200dSuisse agreed to pay a $2.5 billion fine in 2014 for helping American clients evade taxes for\u2063 decades. However, prosecutors also\u2064 said that while Pictet helped adopt measures to make sure their U.S. clients complied with the law, it simultaneously helped customers store hidden funds from the IRS \u200bin offshore accounts.<\/p>\n<p>According to prosecutors,\u2063 the bank\u2019s regurgitated funds include $52 million in fees that Pictet earned from the undeclared accounts, $32 million\u200d in unpaid \u2062taxes, and a $39 million additional penalty.<\/p>\n<p>Stay\u2062 informed! Receive breaking news blasts directly to your inbox for free. Subscribe here. <a href=\"https:\/\/www.oann.com\/alerts\">https:\/\/www.oann.com\/alerts<\/a><\/p>\n<\/p>\n<div id=\"rc-widget-10bad2\" data-rc-widget data-widget-host=\"habitat\" data-endpoint=\"\/\/trends.revcontent.com\" data-widget-id=\"278641\"><\/div>\n<p class=\"dpsp-share-text\" style=\"margin-bottom:10px\"> \t\t \t\tShare this post!\t<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">  \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n<div class=\"entry-content\">  \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n<div class=\"entry-content\">  \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n<div class=\"entry-content\">\n<p>Is 65% of the first amendment really free speech? <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>2:59 PM UTC \u2013 December 4, 2023 MADRID (Reuters) \u2013 A group representing\u200c 83 Spanish \u200dmedia outlets has filed a 550 million\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Verizon\u200b said it would offer streaming subscriptions to Netflix and Warner Bros Discovery-owned Max platforms as a \u200dbundle to its customers.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Market capitalizations of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/whistleblower-reveals-censorship-industrial-complex\/\" title=\"Whistleblower exposes \"Censorship Industrial Complex\">global mega-cap companies surged<\/a>, buoyed by a decline in\u200b U.S. yields and growing anticipation of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/decolonization-part-of-radical-climate-agenda\/\" title=\"Decolonization' in Radical Climate Agenda\">potential rate cuts amid diminishing worries<\/a> about inflation.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>More advertisers are likely \u200bto flee \u200dElon Musk\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/the-new-acting-attorney-general-jeff-rosen-recently-wrote-an-essay-on-foreign-influence-in-us-elections-this-tells-us-a-little-about-his-knowledge-of-whats-going-on-today\/\" title=\"The New Acting Attorney General Jeff Rosen Recently Wrote an Essay on Foreign Influence in US Elections \u2013 This Tells Us A Little About His Knowledge of What\u2019s Going On Today\">social media platform<\/a>\u200d X after the billionaire lashed out at some of the biggest names in the media industry.<\/p>\n<\/p><\/div>\n<p> rnrn  <\/p>\n<h2> What penalties did the private Swiss bank, Pictet, face for its involvement in tax evasion?<\/h2>\n<p><span>  Title: Swiss Bank Ordered to Pay $122.9 Million in Back Taxes for Assisting Clients \u2063in Tax \u200bEvasion<\/p>\n<p>Introduction<\/p>\n<p>In \u2062a significant development,\u2063 a private Swiss bank has been ordered to pay a staggering $122.9 million in back\u2063 taxes\u200d and penalties \u200cafter confessing to aiding\u200d clients in\u2063 hiding assets from the \u200dInternal Revenue \u200dService (IRS)\u200c between 2008 and 2014. The case highlights the\u200d ongoing battle against tax evasion and \u200demphasizes the consequences for\u2063 those who engage in such activities.<\/p>\n<p>Background<\/p>\n<p>The private\u2063 Swiss bank, Pictet, has \u200cadmitted \u2064to its \u2062participation in helping wealthy clients evade \u200btaxes\u2064 in \u2064an agreement reached with the Department of Justice. According to federal prosecutors, American taxpayers holding Pictet accounts in Switzerland and other locations evaded nearly $50 million in\u200b taxes during the \u2063period mentioned.<\/p>\n<p>Cracking Down on Offshore\u200c Tax Evasion<\/p>\n<p>The implications of this case are far-reaching. In a \u2063statement, Jim Lee,\u200d chief of the IRS&#8217; criminal investigation\u2064 division, emphasizes that it serves as a clear signal to individuals attempting to \u2063disguise their assets and income offshore. The IRS is\u200c determined\u2063 to uncover instances of tax evasion and will hold those accountable for their actions.<\/p>\n<p>Deferred Prosecution Agreement<\/p>\n<p>As part of \u2063the deferred prosecution\u2062 agreement, Pictet has been ordered to pay $122.9 million in back taxes and penalties. Furthermore, the bank is required \u200cto implement remedial measures and fully cooperate with the ongoing investigation. If Pictet complies with the\u2063 investigation requirements for \u2064three years, U.S. prosecutors have committed to dropping charges of conspiring to\u200d defraud the IRS.<\/p>\n<p>The Bank&#8217;s Response<\/p>\n<p>In \u200ba statement, Pictet expressed its satisfaction with resolving\u2062 the matter and\u200d its commitment to supporting clients\u2063 in\u2064 fulfilling their tax\u2064 obligations. The bank acknowledges the importance\u2062 of adherence to tax regulations and\u2063 pledges to take further\u2064 steps to ensure compliance.<\/p>\n<p>Similar Cases and Continuing \u200bEfforts<\/p>\n<p>The charges brought \u200dagainst Pictet\u200d follow a previous case involving Credit Suisse, which, in 2014, agreed to pay a substantial $2.5 billion fine for its role in\u2062 helping American clients evade taxes for over a decade. These cases highlight \u200cthe extensive efforts undertaken to combat tax evasion\u200d and the seriousness with which authorities view such activities.<\/p>\n<p>Conclusion<\/p>\n<p>The order for Pictet \u2063to pay $122.9 million in back taxes marks a significant moment in the global fight against offshore tax evasion. It\u2063 sends a powerful message to all individuals and financial institutions that the consequences \u2063for aiding in such schemes will be\u200b severe. As governments worldwide intensify their efforts to\u2062 combat tax evasion, cases like Pictet and Credit Suisse serve as\u200d reminders that there is no escape from the long arm of the law.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ordered a private Swiss bank to pay $122.9 million in back taxes and penalties for aiding clients in hiding assets from the IRS between 2008 and 2014<\/p>\n","protected":false},"author":2301,"featured_media":2115527,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-2115526","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2115526","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2301"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2115526"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2115526\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2115527"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2115526"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2115526"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2115526"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}