President Obama Nominates Cono Namorato as Top Tax Prosecutor

Bloomberg's International Tax Monitor reported that President Barack Obama nominated Cono R. Namorato to serve as the top U.S. tax prosecutor amid probes of HSBC Holdings Plc and dozens of Swiss banks.  If confirmed by the Senate, Mr. Namorato would become Assistant Attorney General over the Department of Justice Tax Division, where he would lead more than 300 criminal and civil lawyers overseeing investigations and litigation.  Division lawyers are negotiating with dozens of Swiss banks that entered a disclosure program to avoid prosecution for helping Americans evade taxes.  More than 100 Swiss banks signed up for the program in 2013, seeking an end to a seven-year U.S. probe of the world's largest offshore tax haven.  The tax division also investigates identity theft, illegal tax shelters and other crimes, while approving every tax case filed by the 93 U.S. attorneys around the country.  For more on the story, please visit Bloomberg's website (subscription required).