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U.S. Justice Department probes Swiss bank Pictet

Nov 26 2012 Reuters

Swiss private bank Pictet is under investigation by the U.S. authorities, the bank said on Sunday, making it the latest Swiss bank to come under scrutiny in a U.S. probe into the use of foreign banks by wealthy Americans seeking to avoid paying tax. Pictet said in a statement the U.S. Department of Justice had made a "general inquiry" into its wealth management business with U.S. clients, adding it would cooperate fully. The U.S. investigation is part of a global offensive on the tradition of strict banking secrecy that has helped Switzerland build up a $2 trillion offshore wealth management industry. Pictet issued the statement after Der Sonntag newspaper reported that the U.S. authorities were investigating Switzerland's largest unlisted private bank. "Pictet has made it a priority to ensure that its business with U.S. clients complies with all the relevant laws and regulations governing its conduct," the bank said. Pictet denied earlier this year it was being

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