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The Wall Street Journal Quotes Scott Michel on Credit Suisse Plea

May 20, 2014, The Wall Street Journal

Scott D. Michel spoke with The Wall Street Journal concerning Credit Suisse's landmark settlement where the company agreed to pay $2.6 billion and pleaded guilty to criminal charges that it helped U.S. taxpayers to hide money abroad in the decades leading up to 2009.  Implications of the settlement will have far-reaching impact on other banks and tax haven countries.   For the complete article, please visit The Wall Street Journal's website.

Excerpt taken from the article.

U.S. officials also said that Credit Suisse will provide "detailed" information about other banks that transferred funds into the bank and accepted transfers from it, officials said.  Assistant Attorney General Kathy Keneally warned, "We are obtaining information that is enabling us to follow the funds to other Swiss banks or to banks in other tax haven and bank secrecy countries."

Experts said her comment showed that the Internal Revenue Service is keenly interested in tracking money that was moved out of Credit Suisse and other Swiss banks after 2009, when UBS admitted to helping U.S. taxpayers hide money abroad. "There will be a real focus on ‘leavers,' as they're called," says Scott Michel, a lawyer at Caplin & Drysdale in Washington.

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