Wednesday, September 25, 2013

AAG DOJ Tax comments on Leaver Lists (9/25/13)

A Tax Notes Today article reports on comments at an ABA Tax Section meeting.  Jaime Arora, ABA Meeting: U.S. Believes Swiss Bank Program Will Reveal Accounts in Other Jurisdictions, 2013 TNT 185-8 (9/14/13).  Key quotes from the article are:
Kathryn Keneally, assistant attorney general for the Justice Department Tax Division, said that banks will be required to provide information about transactions involving the accounts held by U.S. individuals, including transfers at the time an account was closed. "We see this as a way to follow the money for account holders who chose to move their money to other jurisdictions," Keneally said. "This will let us know where the money went and where to look next." 
This requirement also means that Swiss banks will be providing the United States with information about other banks that received transfers from the U.S. accounts, Keneally said. She said those banks should evaluate whether to come forward on their own or to bear the risk of having another bank tell the U.S. government what they have done.

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