[St_Thomas_Aquinas]

Generally, having $3 million in a Swiss bank account and failing to disclose it is considered a sign that something nefarious would perhaps be going on. At the least, it would cause someone in the financial industry to be investigated by his or her employer and possibly the SEC. Most likely the person would get fired.

It's wrong if your financial services company doesn't disclose it, but is it legal if you don't disclose it yourself?

But I get your point that someone who's been in the financial services industry should know that.

[Thane_Banquo]

Generally, I have to report anything that is considered “reportable”under the relevant law. Basically, individual stocks and bonds. And yes, I am required by federal law to report it to my employer. If I had a $3 million reportable account and didn’t report it, I would be violating federal law.

But the definition of reportable is different in Mitt’s case. From what I understand, he had to report everything. He didn’t.