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Scott Michel Talks to The Wall Street Journal About Hiding Offshore Accounts From Advisers
Caplin & Drysdale

Scott Michel Talks to The Wall Street Journal About Hiding Offshore Accounts From Advisers

Date: 4/11/2013

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.

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