On October 15th, Americans are required to declare all off-shore bank accounts. Some estimates suggest that there may be as much as tens of billions of dollars hidden in the off-shore accounts of private citizens.

Many wealthy citizens have already announced their hidden accounts. Approximately 4,000 clients of UBS and other private banks have come forward.  Many others may be weighing the risks of each option. If they declare their accounts, they could be hit with penalties. If they get caught, they may risk going to jail.

United States authorities challenged the long-standing tradition of banking secrecy in Switzerland. The IRS is going to be gentle with those who come forward by Oct 15th, it says. Fines will be 5% to 20% of their tax bills rather than the typical 50%.