Scott Michel Speaks with Swiss TV Regarding John Doe Summons and ZKB
Swiss television's ECO business program interviewed Scott D. Michel concerning the recent John Doe summons issued by the IRS to Citigroup and Bank Mellon, two U.S. correspondent banks of Zürcher Kantonalbank (ZKB). Mr. Michel states that the John Doe summons is "an extremely powerful tool for the Internal Revenue Service" and although the IRS needs court approval to issue the summons, "in 99.99 % of cases, a federal district judge will grant that request." Mr. Michel goes on to say that a John Doe summons "… is precisely aimed at obtaining the names of account holders and other identifying information that would link activity in the U.S. correspondent account to an American account holder's account at ZKB." To watch the complete interview, please visit ECO's website.