The DOJ's Swiss Bank Program and Coming Enforcement

Caplin & Drysdale's President Scott D. Michel spoke extensively with Geneva's Le Temps concerning the Department of Justice's continued investigation of Swiss banks. In the interview, Mr. Michel explains likely developments for bank and tax enforcement in Switzerland and other jurisdictions. For the full article, please visit Le Temps' website (subscription required). Mr. Michel predicted that the DOJ would announce sometime in the fall the first non-prosecution agreements entered into by the "Category 2" Swiss banks participating in the Bank Program. In response to a question whether the US was focused too much on Switzerland, he said, "It is true that Switzerland has been in the DOJ's sights for some time. But …it was the scene of intense activities concerning the accounts of American taxpayers. One of the fundamental principles of the DOJ in its dealings with the Swiss banks has always been to follow the flow of money. It will also continue to monitor the deposits leaving Swiss banks to Singapore, Hong Kong and the Caribbean though, in terms of the Cayman Islands, they were more transparent with the United States. I would not be surprised if the DOJ is also interested in Eastern Europe, Latin America and the Middle East."