IRS Tells American Offshore Account Holders In Panama To Come Clean

foreign bank report

According to recent reports, authorities have identified over 200 Americans in the leaked Mossack Fonseca FBAR documents. The Internal Revenue Service (IRS) is sending a message to these offshore account holders – come clean before officials discover any illegal activity.

In an announcement given to NBC News, the IRS stated that people hiding assets offshore should notice the continuous changes and development in the international tax ground. “More than ever, their best option remains to come forward voluntarily and participate in the IRS Offshore Voluntary Disclosure Program,” the IRS quoted.

Notable victims of the foreign bank report leak include the former Prime Minister of Iceland. Sigmunder David Gunlaugsson, along with Egypt’s former president, Hosni Mubarak, Libya’s former leader Colonel Gaddafi, Syria’s president Bashar al-Assad, and Chinese president Xi Jinping.

Experts have confirmed that it would take quite some time to inspect the 11.5 million documents and confirm the total number of Americans involved.