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.

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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.