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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology 14,700 declare foreign accounts under US tax amnesty AFP - Wednesday, November 18 Send IM Story Print More than 14,700 Americans with previously undisclosed offshore bank accounts have come forward to settle back taxes in response to an offer announced by US officials after having reached a settlement with Swiss banking giant UBS to reveal thousands of names of American clients. WASHINGTON (AFP) - – More than 14,700 Americans with previously undisclosed offshore bank accounts have come forward to settle their back taxes after an amnesty offer, US officials said Tuesday. The rush of voluntary disclosures came in response to an offer made earlier this year by US officials after they reached a settlement with Swiss banking giant UBS to reveal thousands of names of American clients. Under the program, account owners were given a deadline to make a voluntary disclosure, enabling them to pay back taxes on the accounts with reduced civil penalties, and in most cases a guarantee against criminal prosecution. The Justice Department said it has "successfully prosecuted" six US customers of UBS resulting from the bank's disclosures, "and is conducting investigations of dozens of other UBS customers." Swiss to divulge details of US tax cheats The aggressive moves by US officials in the case suggested authorities would be actively seeking to prosecute holders of offshore accounts at UBS, and other banks in Switzerland and around the world used as tax havens. "The message to American taxpayers is clear: the era of bank secrecy and hidden assets is over," Deputy Attorney General David Ogden said in announcing the results with the Internal Revenue Service, the country's tax collector. It was not clear how many of the account holders who came forward had accounts with UBS or other Swiss banks. IRS officials said those coming forward had accounts in at least 70 countries, including in Asia, with a large diversity in the size of accounts. The initial deadline for the amnesty was September 23, but officials extended that to October 15 after requests from some taxpayers seeking more time to gather necessary information. In February UBS had accepted a "deferred prosecution agreement," admitting to efforts to help tax evasion and paid a fine of 780 million dollars. The agreement on disclosure of 4,450 customer names came in August, after long negotiations involving the two governments and the bank. UBS had argued it could not disclose the name of clients without breaking Swiss bank secrecy law. In Switzerland Tuesday, authorities announced that US clients of UBS with more than 250,000 Swiss francs (165,000 euros, 246,000 dollars) in assets could have their details turned over to US tax authorities if there was proof of fraud. For those who have simply not disclosed their accounts, their records would only be provided to US tax authorities if the account held more than one million francs at any time between 2001 and 2008, the Swiss Federal Office of Justice said. Switzerland may also provide details on undeclared accounts that generated more than 100,000 francs every year over a period of three years, it added, publishing details of a deal between Washington and Bern. Mark Matthews, a former IRS deputy commissioner for enforcement who now practices law in Washington, said that even after the latest disclosures, many thousands of additional offshore account holders might be willing to come forward if authorities offered clear guidance on penalties. "Because the IRS has not provided any additional guidance as to what the penalties might be or how a new voluntary disclosure would be treated, the vast majority are still hanging out there," he said. "If the IRS could send another message to people, especially to holders of accounts outside Switzerland and UBS, they could repeat these numbers (of voluntary disclosures)." US Senator Carl Levin, head of a panel that has investigated tax havens, said the deal with Switzerland may allow too many tax scofflaws off the hook. Levin said the US-Swiss annex agreement "complicates and muddies what should have been a straightforward agreement by UBS and the Swiss government to disclose Swiss accounts hidden from the United States." Levin said that while UBS had some 52,000 US clients suspected of tax evasion "the tortured wording and the many limitations in this annex shows the Swiss government trying to preserve as much bank secrecy as it can... It is disappointing that the US government went along." Recommend Send IM Story Print News Search Top Stories US anger at new age rules for breast cancer tests 14,700 declare foreign accounts under US tax amnesty Last chance prep talks wrap up ahead of Copenhagen US wholesale prices up 0.3% in October Sarah Palin pushes book - and possible comeback More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Still losing cash, GM to repay aid early, plans 2010 IPO Mystery of Bangladesh's mass arsenic poisoning solved Fed seeking to ensure strong dollar: Bernanke Space shuttle Atlantis launches OPEC head: $75 to $80 a barrel a 'good price' More Most Viewed » Somali centenarian weds 17-year-old More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! 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