Hundreds of Americans named in Panama Papers are told to own up before being caught by officials as investigation into offshore activity continues
More than 200 Americans have been named in Mossack Fonseca papers
Internal Revenue Service advising offshore account holders to get in touch
Investigation gaining momentum following release of documents on April 3
Comes after experts claimed Americans have ‘no need’ to go to Panama
By LYDIA WILLGRESS
DailyMail.com
18 April 2016
Americans who face being named in the Panama Papers have been told to come clean before any illegal activity is discovered by officials.
More than 200 people with U.S. addresses have so far been identified by authorities combing the Mossack Fonseca documents, which were leaked earlier this month.
The Internal Revenue Service (IRS) has now advised anyone using offshore accounts to contact them as the investigation gains momentum.
In a statement given to NBC News, the service said: ‘People hiding assets offshore should recognize the continued changes and progress in the international tax arena.
‘More than ever, their best option remains to come forward voluntarily and participate in the IRS Offshore Voluntary Disclosure Program.’
It comes after experts revealed the reason for the low number of Americans involved – in comparison with other countries – might be because shell companies are being formed under authorities’ noses in Wyoming, Delaware or Nevada. This means residents do not need to go to Panama.
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