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Bloomberg Quotes Scott Michel and Mark Matthews: Swiss Banks Under Pressure as Deadline Nears for DOJ Program to Find U.S. Accounts
Caplin & Drysdale

Bloomberg Quotes Scott Michel and Mark Matthews: Swiss Banks Under Pressure as Deadline Nears for DOJ Program to Find U.S. Accounts

Date: 12/20/2013

Bloomberg BNA's Daily Tax Report spoke with Scott D. Michel and Mark E. Matthews concerning the DOJ program requiring Swiss banks to disclose their cross-border activities and provide detailed information on U.S. accounts. The program, which allows banks to pay penalties and avoid prosecution, is nearing its deadline of December 31, 2013. For the complete article, please visit Bloomberg BNA's website.
 
Excerpt taken from the article. Reproduced with permission from Daily Tax Report, 247 DTR G-4 (Dec. 26, 2013). Copyright 2013 by The Bureau of National Affairs, Inc. (800-372-1033) <http://www.bna.com>

Scott Michel, a member of Caplin & Drysdale, Chartered, said Dec. 19, "We expect that a number of Swiss banks will be submitting letters of intent in the coming days." He said the DOJ's Tax Division will be processing "some fairly complex submissions beginning next spring as banks move toward obtaining non-prosecution agreements."
 
Any developments in the process are being carefully scrutinized in Switzerland, according to Mark Matthews, a former chief of the IRS criminal investigations division and now a member of Caplin & Drysdale, Chartered.
 
"The DOJ program and each subsequent statement by DOJ officials has been closely followed by the Swiss banking and financial community, and it is clear that from the first announcement in August they have taken this offer very seriously," Matthews said.

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