Taxpayers Can't Plead 5th To Hide Records: 9th Circ.

Law360, New York (August 23, 2011, 6:23 PM EDT) -- The Ninth Circuit said Friday that taxpayers could not plead the Fifth Amendment to avoid disclosing foreign banking records, upholding a ruling against a former UBS AG account holder suspected of tax evasion.

A three-judge panel said U.S. taxpayers were already required to keep information on their foreign bank accounts under the Bank Secrecy Act, so under the so-called required records doctrine they could not plead their right against self-discrimination to avoid disclosing them.

“The Fifth Amendment privilege against self-discrimination is inapplicable,” the court said....
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