Scott Michel Comments in The Wall Street Journal, Credit Suisse to Name Names
ZURICH—The Internal Revenue Service has won another round in its battle over Swiss bank secrecy.
Credit Suisse Group AG said Tuesday it would hand over the names of bank clients suspected of evading U.S. taxes, in response to a request from the IRS. It is the second big Swiss bank to do so in two years.
Credit Suisse, Switzerland's second largest bank by assets, declined to comment on the number of names it would submit, or when it would do so. But in a Nov. 2 letter to affected account holders, Credit Suisse acknowledged that the IRS had requested names and other information about U.S. taxpayers who held accounts indirectly through corporations from 2002 through 2010, and that the Swiss government had ordered it to furnish the data immediately.
"This signifies a continuing erosion of Swiss bank secrecy," said Scott Michel, an attorney with Caplin & Drysdale in Washington who has represented U.S. taxpayers with Swiss accounts.
Click here to read the full article on Credit Suisse's decision.