The US Internal Revenue Service (IRS) collected $500m from its 2011 Offshore Voluntary Disclosure Initiative (OVDI) which ended on 9 September. This figure is expected to increase as it does not yet include penalties.
The second OVDI saw 12,000 new applications with additional cases still unaccounted for.
These results remain a significant decrease from the IRS’ first offshore programme in 2009 which collected $2.2bn from 15,000 voluntary disclosures and 3,000 late applications.
Offshore clients and bankers charged in US tax probe
The 12,000 new disclosures will give US regulators more ammunition in their pursuit of international banks who they suspect of holding untaxed assets of US clients.
Probes have also been made by the US Department of Justice (DoJ) tax division into numerous international offshore banks, including UBS, Credit Suisse and eight as yet unnamed banks, as part of its Offshore Compliance Initiative.
UBS agreed in 2009 to pay $780 million in fines, penalties, interest and restitution as part of a deferred prosecution agreement with the US government.
This week Credit Suisse agreed to pay German prosecutors €150m ($206m) in an out-of-court settlement to end investigations into whether its employees assisted German-based clients evade tax.