The United States government created the Swiss Bank program in order to encourage Swiss financial institutions to come forward with information about accountholders. In exchange for paying a fine and providing requested info on offshore tax evaders, banks can avoid criminal prosecution. More than 80 Swiss banks have already come forward to give details about their accountholders to the U.S. authorities so the banks can ensure better outcomes for themselves.

Offshore accounts used to promise privacy for accountholders. Increasingly, however, individuals with funds located offshore are finding that their information is being made public. Sometimes, this happens because banks participate in amnesty programs so their institutions can avoid prosecution. These amnesty deals involve turning over details about accountholders.

Countries throughout the world have been coming together to try to stop tax evasion. For years, the offshore banking industry made it possible for investors to keep millions of dollars in offshore bank accounts without their home countries being aware of such accounts. However, this is increasingly becoming impossible. Hiding money offshore is no longer an option for most people, as countries that once valued privacy and secrecy are becoming part of international efforts to fight tax evasion through the open exchange of information.

The Panama Papers is the name that has been given to 11.5 million documents which were obtained from a Panama law firm server and which were made public. The Papers contained information on more than 214,488 offshore entities and the papers demonstrate the ways in which offshore entities, offshore financial accounts, and other tools are used to hide money and protect privacy.

Recently, a 48-year-old Credit Suisse AG banker who worked at the North American desk for the bank entered a guilty plea with the U.S. government. The banker was considered a fugitive since 2011. Although he is a Swiss resident and an Italian citizen, this did not stop the U.S. government from going after him because of the role he played in helping U.S. citizens avoid complying with all of their income tax obligations.