United States taxing authorities have been working to obtain information from Swiss banks about U.S. accountholders so that the IRS and Department of Justice can take action when U.S.-affiliated individuals have undeclared Swiss bank accounts.

Recently, several major tax cases have been resolved with guilty pleas and convictions. The cases involve defendants accused of various offenses, including tax fraud, tax evasion, and crimes in connection with offshore accounts. The potential penalties for the defendants could include lengthy prison sentences.

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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.