Tom Zehnle Comments on Eleventh Circuit Ruling on Foreign Financial Account Records in BNA's Daily Report for Executives

BNA's Daily Report for Executives
02.11.13Tom Zehnle comments on the Eleventh Circuit's recent ruling that subpoenaed records concerning foreign financial accounts fall within the Required Records Exception to the Fifth Amendment privilege against self-incrimination. The ruling joins three other circuits in upholding this application of the Required Records Exception.

Zehnle noted that from a defense point of view, the Eleventh Circuit's holding is "not a good thing." He explained that four circuits are all in agreement, and the Eleventh Circuit decision was "following the same rationale as the sister circuits."

Zehnle said that even though the case found the requirements were regulatory, "there is a criminal aspect to it." The Shapiro, Grosso, and Marchetti cases have been around for decades, he said, and the "chances of creating a split [between the circuits] is narrowing."
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