Scott Michel Comments on the End of Offshore Bank Secrecy
CNBC quoted Scott D. Michel on the end of offshore bank secrecy in an article concerning the UBS whistleblower and former banker Bradley Birkenfeld, whose disclosures to the U.S. government helped the Justice Department move forward on various enforcement initiatives concerning Americans with unreported foreign assets. For the full article, please visit CNBC's website. Additional coverage can be found at NBC News and The Fiscal Times.
Excerpt taken from the article.
"We're on the verge of an environment where offshore bank secrecy is essentially dead," said Scott Michel, an attorney with the law firm Caplin & Drysdale in Washington, D.C. His firm has represented more than 1,000 American clients who have disclosed secret accounts to the government in the wake of Birkenfeld's disclosures.
"I think the game is over," Michel said.