The Department of Justice Tax Division has been aggressively cracking down on those who evade their tax obligations. One of the DOJ's main focuses has revolved around identifying people who fail to declare offshore funds.  U.S. authorities have been making deals with banks to obtain information on accountholders and have created amnesty programs with the goal of getting certain violators to come forward and report previously undeclared offshore accounts in exchange for reduced penalties and avoiding criminal charges.

In 2015, more than $10 billion of transactions took place using Bitcoin. Bitcoin is a virtual currency and its use has been increasing, especially after the IRS began cracking down on offshore accounts. The increased use of Bitcoin has not escaped the notice of the IRS, though. 

If you have any undeclared offshore accounts in Swiss Banks, it is important to realize the substantial financial threat you face. Many Swiss financial institutions are eagerly coming forward to make deals with U.S. officials in order to avoid criminal prosecution.

The Bahamas has a long track record of refusing to cooperate with taxing authorities. Back in 2000, the world's leading tax policy forum, the Organization for Economic Cooperation and Development (OECD) blacklisted the Bahama's for aiding in tax dodging and facilitating tax noncompliance. While the Bahama's was taken off the blacklist after rushing nine laws through the next year, the country was put back onto the OECD's “gray list” in 2009 for its “significant nonconformity with international standards.”  The Bahamas was also on a European Union list of 30 countries in 2015 which are considered uncooperative tax havens.

Throughout the world, there are certain countries which developed a reputation for keeping financial accounts private. Many people chose to bank in these countries in order to maintain more privacy regarding their investments and finances.  In some cases, offshore accounts were also used by accountholders to avoid 100 percent compliance with tax obligations.