Skip to Main Content

The Wall Street Journal Quotes Scott Michel: Swiss Bow to Pressure for More Bank Data

May 29, 2013, The Wall Street Journal

Scott D. Michel talks to The Wall Street Journal concerning Switzerland's agreement to a plan which will allow its banks to release information on the holdings of their American clients.  The move is expected to pressure U.S. taxpayers holding secret bank accounts to declare them to the Internal Revenue Service.  For more on the story, please visit The Wall Street Journal's website.

The proposal doesn't loosen protections of specific client information, such as names, account numbers and balances. Retrieval by U.S. authorities would remain cumbersome.

But it would make it easier for the Justice Department and the IRS to see where undeclared U.S. taxpayer assets are concentrated, said Scott Michel, an attorney at Caplin & Drysdale in Washington. Under current rules, such information must pass through the Swiss government in a complicated process.


About Caplin & Drysdale
Celebrating our 55th Anniversary in 2019, Caplin & Drysdale continues to be a leading provider of legal services to corporations, individuals, and nonprofits throughout the United States and around the world. We are also privileged to serve as legal advisors to accounting firms, financial institutions, law firms, and other professional services organizations.

The firm's reputation over the years has earned us the trust and respect of clients, industry peers, and government agencies. Moreover, clients rely on our broad knowledge of the law and our keen insights into their business concerns and personal interests. Our lawyers' strong tactical and problem-solving skills -- combined with substantial experience handling a variety of complex, high stakes, matters in a boutique environment -- make us one the nation's most distinctive law firms.

With offices in New York City and Washington, D.C., Caplin & Drysdale's core practice areas include:
For more information, please visit us at
Washington, DC Office:
One Thomas Circle NW
Suite 1100
Washington, DC 20005
New York, NY Office:
600 Lexington Avenue
21st Floor
New York, NY 10022


This communication does not provide legal advice, nor does it create an attorney-client relationship with you or any other reader. If you require legal guidance in any specific situation, you should engage a qualified lawyer for that purpose. Prior results do not guarantee a similar outcome.

Attorney Advertising
It is possible that under the laws, rules, or regulations of certain jurisdictions, this may be construed as an advertisement or solicitation.
©2021 Caplin & Drysdale, Chartered
All Rights Reserved.

Related Professionals

Related Practice Area(s)