The Swiss banks have entered into this program in an attempt to avoid criminal prosecution and/or criminal investigation!

The Internal Revenue Service (IRS) and the Department of Justice (DOJ) have expanded their investigations of U.S. taxpayers with undisclosed offshore bank accounts; the latest focus is on the Cayman Islands. The sting in the past week in the Cayman Islands should serve as a warning to any U.S. Taxpayer with an undisclosed offshore bank account. 

Also, recently closed Swiss accounts that any U.S. Taxpayer did not disclose will also be revealed in detail to the Department of Justice, (DOJ) and the Internal Revenue Service (IRS).

The disclosure of U.S. taxpayer account information is happening because some of the banks in Switzerland are joining the IRS Voluntary Disclosure Program for banks.

US Taxpayers have one week to come forward and disclose their accounts before December 31, 2013.