Scott Michel Talks to The Wall Street Journal About Hiding Offshore Accounts From Advisers
The Wall Street Journal quotes Scott D. Michel on the what, if any, consequences an adviser may face if they are aware of a client's offshore bank account. Please go to The Wall Street Journal's website for the full story.
Excerpt taken from the article.
Scott D. Michel, a partner at the law firm Caplin & Drysdale, said an adviser who doesn't know his client has a foreign account can't get into trouble for not reporting it. In contrast, someone on notice that a client might have one has a due diligence obligation to "press a bit more to try to find out," he said.
"But, if the client continues to lie, it won't get the professional in trouble," Mr. Michel noted.