U.S. Court of Appeals for 5th Circuit Overturns District Court and Upholds the Required Records Doctrine in Enforcing Grand Jury Subpoena of Foreign Bank Records

 

On September 21, 2012, the U.S. Court of Appeals for the Fifth Circuit unanimously overturned a district court’s denial of the U.S. government’s motion to compel a target of a grand jury investigation to produce any records of foreign bank accounts he was required to keep under Treasury Department regulations, notwithstanding the target’s assertion of his Fifth Amendment privilege against self-incrimination.[1]