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Targets of Investigations Can’t Plead Fifth to Protect BSA Data, Courts Say
By Colby Adams
printU.S. Fifth Amendment protections cannot shield Bank Secrecy Act reports from grand jury and other subpoenas, two appellate courts have ruled in tax evasion-related cases. On Monday, the Seventh Circuit Court of Appeals said that Bank Secrecy Act (BSA) data, including certain information maintained for tax purposes, must be turned over when legally subpoenaed even if doing so is tantamount to self-incrimination. The decision is the second appellate ruling of its kind, after the Ninth Circuit Court of Appeals reached a similar conclusion in August 2011. The decisions are "an important and significant development that bolsters government power," said Bryan...
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