McKool Smith principal Daniel Levy recently provided commentary in a special report published by the Association of Certified Financial Crime Specialists. The report provides an in-depth analysis of the recent program announced by the United States Department of Justice to encourage Swiss banks to cooperate in resolving matters concerning U.S. taxpayers who maintained undeclared accounts. The program, announced on August 29, 2013, provides a road map for how Swiss banks may resolve matters with the United States and a formula for determining the financial component of any resolution.
“The announcement of the agreement is a watershed moment in the efforts by the Department of Justice to root out tax evasion," said Mr. Levy, a former federal prosecutor in the Southern District of New York who led the successful 2012 prosecution of the Swiss bank Wegelin & Co.
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