An investigation for aggravated money laundering and corruption of foreign public officials against Banque Pictet & Cie, in connection with a case of embezzlement in Kuwait, is opened by the Public Ministry of the Confederation (MPC) .

Several recent judgments of the Federal Court (TF) indicate that the bank did not take "reasonable and necessary" measures to prevent acts of aggravated money laundering in this case, over a period spanning between 2003 and 2012, at least.

In 2012, the Public Ministry of Confederation (MPC) launched an investigation into Fahad Al-Rajaan, former director of the Public Institution of Social Security of Kuwait (PIFSS). He and his wife are accused of having received illicit commissions from Swiss banks – including Pictet – in exchange for investments from these same establishments, specifies an article from the Gotham City site.

$390 million was reportedly disbursed and deposited in Swiss accounts on behalf of front companies in the Bahamas and Singapore.